UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-04367
Columbia Funds Series Trust I
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: July 31
Date of reporting period: January 31, 2024
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Average annual total returns (%) (for the period ended January 31, 2024) | ||||||
Inception | 6 Months cumulative | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/01/98 | 10.42 | 37.33 | 16.52 | 13.98 |
Including sales charges | 4.07 | 29.44 | 15.15 | 13.31 | ||
Advisor Class | 11/08/12 | 10.55 | 37.67 | 16.81 | 14.28 | |
Class C | Excluding sales charges | 11/18/02 | 10.00 | 36.29 | 15.65 | 13.13 |
Including sales charges | 9.00 | 35.29 | 15.65 | 13.13 | ||
Class E | Excluding sales charges | 09/22/06 | 10.26 | 36.88 | 16.23 | 13.79 |
Including sales charges | 5.30 | 30.73 | 15.17 | 13.26 | ||
Institutional Class | 12/14/90 | 10.56 | 37.68 | 16.81 | 14.27 | |
Institutional 2 Class | 03/07/11 | 10.57 | 37.72 | 16.85 | 14.34 | |
Institutional 3 Class | 07/15/09 | 10.61 | 37.78 | 16.91 | 14.40 | |
Class R | 09/27/10 | 10.30 | 36.99 | 16.23 | 13.70 | |
Russell 1000 Growth Index | 9.65 | 34.99 | 18.04 | 15.48 |
Portfolio breakdown (%) (at January 31, 2024) | |
Common Stocks | 98.9 |
Exchange-Traded Equity Funds | 0.3 |
Money Market Funds | 0.8 |
Total | 100.0 |
Equity sector breakdown (%) (at January 31, 2024) | |
Communication Services | 10.4 |
Consumer Discretionary | 15.4 |
Consumer Staples | 4.2 |
Financials | 4.4 |
Health Care | 13.7 |
Industrials | 5.7 |
Information Technology | 43.9 |
Real Estate | 2.3 |
Total | 100.0 |
Equity sub-industry breakdown (%) (at January 31, 2024) | |
Information Technology | |
Application Software | 5.4 |
Electronic Manufacturing Services | 1.2 |
Internet Services & Infrastructure | 1.2 |
Semiconductors | 10.7 |
Systems Software | 15.0 |
Technology Hardware, Storage & Peripherals | 10.4 |
Total | 43.9 |
August 1, 2023 — January 31, 2024 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,104.20 | 1,020.16 | 5.24 | 5.03 | 0.99 |
Advisor Class | 1,000.00 | 1,000.00 | 1,105.50 | 1,021.42 | 3.92 | 3.76 | 0.74 |
Class C | 1,000.00 | 1,000.00 | 1,100.00 | 1,016.39 | 9.18 | 8.82 | 1.74 |
Class E | 1,000.00 | 1,000.00 | 1,102.60 | 1,018.60 | 6.87 | 6.60 | 1.30 |
Institutional Class | 1,000.00 | 1,000.00 | 1,105.60 | 1,021.42 | 3.92 | 3.76 | 0.74 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,105.70 | 1,021.52 | 3.81 | 3.66 | 0.72 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,106.10 | 1,021.77 | 3.55 | 3.40 | 0.67 |
Class R | 1,000.00 | 1,000.00 | 1,103.00 | 1,018.90 | 6.55 | 6.29 | 1.24 |
Common Stocks 98.9% | ||
Issuer | Shares | Value ($) |
Communication Services 10.3% | ||
Entertainment 0.6% | ||
TKO Group Holdings, Inc. | 348,181 | 29,139,268 |
Interactive Media & Services 9.7% | ||
Alphabet, Inc., Class A(a) | 1,154,093 | 161,688,429 |
Alphabet, Inc., Class C(a) | 1,394,658 | 197,762,504 |
Meta Platforms, Inc., Class A(a) | 335,196 | 130,773,368 |
Total | 490,224,301 | |
Total Communication Services | 519,363,569 | |
Consumer Discretionary 15.3% | ||
Automobiles 1.2% | ||
Tesla, Inc.(a) | 328,145 | 61,458,277 |
Broadline Retail 6.8% | ||
Amazon.com, Inc.(a) | 2,215,046 | 343,775,139 |
Hotels, Restaurants & Leisure 4.4% | ||
Darden Restaurants, Inc. | 323,183 | 52,543,092 |
DraftKings, Inc., Class A(a) | 1,475,186 | 57,606,013 |
Expedia Group, Inc.(a) | 359,438 | 53,315,439 |
Hilton Worldwide Holdings, Inc. | 303,588 | 57,973,164 |
Total | 221,437,708 | |
Specialty Retail 1.6% | ||
TJX Companies, Inc. (The)(b) | 816,083 | 77,454,438 |
Textiles, Apparel & Luxury Goods 1.3% | ||
NIKE, Inc., Class B(b) | 623,460 | 63,299,894 |
Total Consumer Discretionary | 767,425,456 | |
Consumer Staples 4.2% | ||
Consumer Staples Distribution & Retail 2.8% | ||
Costco Wholesale Corp. | 200,836 | 139,556,919 |
Household Products 1.4% | ||
Procter & Gamble Co. (The) | 436,356 | 68,568,982 |
Total Consumer Staples | 208,125,901 | |
Financials 4.4% | ||
Financial Services 4.4% | ||
Visa, Inc., Class A | 809,053 | 221,081,823 |
Total Financials | 221,081,823 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Health Care 13.5% | ||
Biotechnology 2.1% | ||
BioMarin Pharmaceutical, Inc.(a) | 267,026 | 23,519,650 |
Natera, Inc.(a) | 401,318 | 26,462,909 |
Vertex Pharmaceuticals, Inc.(a) | 131,538 | 57,005,938 |
Total | 106,988,497 | |
Health Care Equipment & Supplies 3.8% | ||
Cooper Companies, Inc. (The) | 140,544 | 52,427,128 |
DexCom, Inc.(a) | 505,441 | 61,335,265 |
Intuitive Surgical, Inc.(a) | 207,703 | 78,557,429 |
Total | 192,319,822 | |
Health Care Providers & Services 3.2% | ||
Cardinal Health, Inc. | 478,502 | 52,247,634 |
Humana, Inc. | 110,789 | 41,884,889 |
UnitedHealth Group, Inc. | 125,577 | 64,262,774 |
Total | 158,395,297 | |
Pharmaceuticals 4.4% | ||
Eli Lilly & Co. | 247,686 | 159,908,559 |
Zoetis, Inc. | 331,242 | 62,210,560 |
Total | 222,119,119 | |
Total Health Care | 679,822,735 | |
Industrials 5.6% | ||
Aerospace & Defense 1.0% | ||
General Dynamics Corp. | 190,894 | 50,585,001 |
Commercial Services & Supplies 1.5% | ||
Cintas Corp. | 122,053 | 73,789,582 |
Electrical Equipment 2.1% | ||
AMETEK, Inc. | 343,005 | 55,583,960 |
Eaton Corp. PLC | 207,529 | 51,068,737 |
Total | 106,652,697 | |
Industrial Conglomerates 1.0% | ||
Honeywell International, Inc. | 257,285 | 52,038,464 |
Total Industrials | 283,065,744 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Information Technology 43.4% | ||
Electronic Equipment, Instruments & Components 1.2% | ||
TE Connectivity Ltd. | 412,656 | 58,675,557 |
IT Services 1.2% | ||
MongoDB, Inc.(a) | 148,593 | 59,514,468 |
Semiconductors & Semiconductor Equipment 10.6% | ||
Advanced Micro Devices, Inc.(a) | 510,959 | 85,682,714 |
NVIDIA Corp. | 568,692 | 349,899,127 |
QUALCOMM, Inc. | 666,227 | 98,941,372 |
Total | 534,523,213 | |
Software 20.2% | ||
Adobe, Inc.(a),(b) | 184,807 | 114,170,069 |
Dynatrace, Inc.(a) | 1,023,570 | 58,343,490 |
Microsoft Corp. | 1,437,990 | 571,716,064 |
Palo Alto Networks, Inc.(a),(b) | 243,536 | 82,439,371 |
Salesforce, Inc.(a),(b) | 346,096 | 97,284,125 |
ServiceNow, Inc.(a) | 117,803 | 90,166,416 |
Total | 1,014,119,535 | |
Technology Hardware, Storage & Peripherals 10.2% | ||
Apple, Inc. | 2,797,039 | 515,773,992 |
Total Information Technology | 2,182,606,765 | |
Real Estate 2.2% | ||
Industrial REITs 0.9% | ||
Prologis, Inc. | 361,692 | 45,822,759 |
Common Stocks (continued) | ||
Issuer | Shares | Value ($) |
Specialized REITs 1.3% | ||
Equinix, Inc. | 79,392 | 65,877,100 |
Total Real Estate | 111,699,859 | |
Total Common Stocks (Cost $2,156,166,472) | 4,973,191,852 | |
Exchange-Traded Equity Funds 0.3% | ||
Shares | Value ($) | |
U.S. Large Cap 0.3% | ||
Columbia Research Enhanced Core ETF(c) | 525,574 | 14,915,790 |
Total Exchange-Traded Equity Funds (Cost $13,534,816) | 14,915,790 | |
Money Market Funds 0.8% | ||
Columbia Short-Term Cash Fund, 5.541%(c),(d) | 39,551,693 | 39,543,783 |
Total Money Market Funds (Cost $39,545,347) | 39,543,783 | |
Total Investments in Securities (Cost: $2,209,246,635) | 5,027,651,425 | |
Other Assets & Liabilities, Net | 57,629 | |
Net Assets | 5,027,709,054 |
Call option contracts written | ||||||||
Description | Counterparty | Trading currency | Notional amount | Number of contracts | Exercise price/Rate | Expiration date | Premium received ($) | Value ($) |
Adobe, Inc. | Morgan Stanley | USD | (22,548,970 ) | (365 ) | 665.00 | 2/16/2024 | (109,068 ) | (92,710 ) |
Nike, Inc. | Morgan Stanley | USD | (12,498,343 ) | (1,231 ) | 110.00 | 2/16/2024 | (29,266 ) | (20,927 ) |
Palo Alto Networks, Inc. | Morgan Stanley | USD | (16,282,331 ) | (481 ) | 370.00 | 2/16/2024 | (134,458 ) | (111,832 ) |
Salesforce, Inc. | Morgan Stanley | USD | (19,226,556 ) | (684 ) | 300.00 | 2/16/2024 | (112,215 ) | (62,586 ) |
TJX Cos, Inc. (The) | Morgan Stanley | USD | (15,299,492 ) | (1,612 ) | 105.00 | 2/16/2024 | (689 ) | (16,120 ) |
Total | (385,696 ) | (304,175 ) |
(a) | Non-income producing investment. |
(b) | This security or a portion of this security has been pledged as collateral in connection with derivative contracts. |
(c) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended January 31, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Research Enhanced Core ETF | ||||||||
34,923,055 | 54,360,787 | (73,798,068 ) | (569,984 ) | 14,915,790 | 1,291,532 | 245,070 | 525,574 | |
Columbia Short-Term Cash Fund, 5.541% | ||||||||
41,587,945 | 394,721,150 | (396,767,623 ) | 2,311 | 39,543,783 | 3,130 | 622,071 | 39,551,693 | |
Total | 76,511,000 | (567,673 ) | 54,459,573 | 1,294,662 | 867,141 |
(d) | The rate shown is the seven-day current annualized yield at January 31, 2024. |
USD | US Dollar |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Common Stocks | ||||
Communication Services | 519,363,569 | — | — | 519,363,569 |
Consumer Discretionary | 767,425,456 | — | — | 767,425,456 |
Consumer Staples | 208,125,901 | — | — | 208,125,901 |
Financials | 221,081,823 | — | — | 221,081,823 |
Health Care | 679,822,735 | — | — | 679,822,735 |
Industrials | 283,065,744 | — | — | 283,065,744 |
Information Technology | 2,182,606,765 | — | — | 2,182,606,765 |
Real Estate | 111,699,859 | — | — | 111,699,859 |
Total Common Stocks | 4,973,191,852 | — | — | 4,973,191,852 |
Exchange-Traded Equity Funds | 14,915,790 | — | — | 14,915,790 |
Money Market Funds | 39,543,783 | — | — | 39,543,783 |
Total Investments in Securities | 5,027,651,425 | — | — | 5,027,651,425 |
Investments in Derivatives | ||||
Liability | ||||
Call Option Contracts Written | (304,175 ) | — | — | (304,175 ) |
Total | 5,027,347,250 | — | — | 5,027,347,250 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $2,156,166,472) | $4,973,191,852 |
Affiliated issuers (cost $53,080,163) | 54,459,573 |
Cash | 1,379 |
Receivable for: | |
Capital shares sold | 1,386,074 |
Dividends | 1,342,417 |
Expense reimbursement due from Investment Manager | 62 |
Prepaid expenses | 31,447 |
Deferred compensation of board members | 418,333 |
Other assets | 50,065 |
Total assets | 5,030,881,202 |
Liabilities | |
Option contracts written, at value (premiums received $385,696) | 304,175 |
Payable for: | |
Capital shares redeemed | 1,988,805 |
Management services fees | 89,976 |
Distribution and/or service fees | 21,202 |
Transfer agent fees | 222,283 |
Compensation of chief compliance officer | 437 |
Compensation of board members | 5,120 |
Other expenses | 38,208 |
Deferred compensation of board members | 501,942 |
Total liabilities | 3,172,148 |
Net assets applicable to outstanding capital stock | $5,027,709,054 |
Represented by | |
Paid in capital | 2,048,904,949 |
Total distributable earnings (loss) | 2,978,804,105 |
Total - representing net assets applicable to outstanding capital stock | $5,027,709,054 |
Class A | |
Net assets | $2,819,579,732 |
Shares outstanding | 47,854,069 |
Net asset value per share | $58.92 |
Maximum sales charge | 5.75% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $62.51 |
Advisor Class | |
Net assets | $23,926,580 |
Shares outstanding | 367,362 |
Net asset value per share | $65.13 |
Class C | |
Net assets | $41,853,479 |
Shares outstanding | 983,887 |
Net asset value per share | $42.54 |
Class E | |
Net assets | $15,803,804 |
Shares outstanding | 273,133 |
Net asset value per share | $57.86 |
Maximum sales charge | 4.50% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class E shares) | $60.59 |
Institutional Class | |
Net assets | $1,280,301,882 |
Shares outstanding | 20,287,533 |
Net asset value per share | $63.11 |
Institutional 2 Class | |
Net assets | $31,110,262 |
Shares outstanding | 491,635 |
Net asset value per share | $63.28 |
Institutional 3 Class | |
Net assets | $801,250,199 |
Shares outstanding | 12,585,243 |
Net asset value per share | $63.67 |
Class R | |
Net assets | $13,883,116 |
Shares outstanding | 241,716 |
Net asset value per share | $57.44 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $18,056,480 |
Dividends — affiliated issuers | 867,141 |
Total income | 18,923,621 |
Expenses: | |
Management services fees | 14,990,941 |
Distribution and/or service fees | |
Class A | 3,066,787 |
Class C | 202,112 |
Class E | 26,019 |
Class R | 24,638 |
Class V | 221,549 |
Transfer agent fees | |
Class A | 983,088 |
Advisor Class | 8,707 |
Class C | 16,216 |
Class E | 21,346 |
Institutional Class | 476,840 |
Institutional 2 Class | 7,655 |
Institutional 3 Class | 20,395 |
Class R | 3,959 |
Class V | 71,320 |
Custodian fees | 11,092 |
Printing and postage fees | 78,825 |
Registration fees | 79,897 |
Accounting services fees | 15,581 |
Legal fees | 35,866 |
Compensation of chief compliance officer | 437 |
Compensation of board members | 34,658 |
Deferred compensation of board members | 13,561 |
Other | 39,587 |
Total expenses | 20,451,076 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (14,829 ) |
Expense reduction | (9,184 ) |
Total net expenses | 20,427,063 |
Net investment loss | (1,503,442 ) |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | 172,539,323 |
Investments — affiliated issuers | 1,294,662 |
Net realized gain | 173,833,985 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 302,280,003 |
Investments — affiliated issuers | (567,673 ) |
Option contracts written | 81,521 |
Net change in unrealized appreciation (depreciation) | 301,793,851 |
Net realized and unrealized gain | 475,627,836 |
Net increase in net assets resulting from operations | $474,124,394 |
Six Months Ended January 31, 2024 (Unaudited) | Year Ended July 31, 2023 | |
Operations | ||
Net investment income (loss) | $(1,503,442 ) | $753,997 |
Net realized gain | 173,833,985 | 249,443,901 |
Net change in unrealized appreciation (depreciation) | 301,793,851 | 422,504,968 |
Net increase in net assets resulting from operations | 474,124,394 | 672,702,866 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (117,001,581 ) | — |
Advisor Class | (902,688 ) | — |
Class C | (2,440,121 ) | — |
Class E | (662,144 ) | — |
Institutional Class | (49,700,914 ) | — |
Institutional 2 Class | (1,152,516 ) | — |
Institutional 3 Class | (29,316,792 ) | — |
Class R | (466,851 ) | — |
Total distributions to shareholders | (201,643,607 ) | — |
Increase (decrease) in net assets from capital stock activity | 78,581,786 | (379,442,068 ) |
Total increase in net assets | 351,062,573 | 293,260,798 |
Net assets at beginning of period | 4,676,646,481 | 4,383,385,683 |
Net assets at end of period | $5,027,709,054 | $4,676,646,481 |
Six Months Ended | Year Ended | |||
January 31, 2024 (Unaudited) | July 31, 2023 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 5,341,460 | 306,980,654 | 1,043,577 | 48,801,417 |
Distributions reinvested | 1,951,892 | 110,477,111 | — | — |
Shares redeemed | (2,294,058 ) | (127,224,888 ) | (4,481,192 ) | (205,610,201 ) |
Net increase (decrease) | 4,999,294 | 290,232,877 | (3,437,615 ) | (156,808,784 ) |
Advisor Class | ||||
Shares sold | 40,850 | 2,499,096 | 91,419 | 4,740,266 |
Distributions reinvested | 13,307 | 832,197 | — | — |
Shares redeemed | (34,501 ) | (2,125,919 ) | (80,941 ) | (4,242,183 ) |
Net increase | 19,656 | 1,205,374 | 10,478 | 498,083 |
Class C | ||||
Shares sold | 108,073 | 4,353,362 | 222,901 | 7,487,054 |
Distributions reinvested | 58,027 | 2,373,287 | — | — |
Shares redeemed | (188,261 ) | (7,596,822 ) | (471,316 ) | (15,821,810 ) |
Net decrease | (22,161 ) | (870,173 ) | (248,415 ) | (8,334,756 ) |
Class E | ||||
Shares sold | 40 | 2,925 | 608 | 28,534 |
Distributions reinvested | 11,909 | 662,144 | — | — |
Shares redeemed | (20,247 ) | (1,097,851 ) | (38,732 ) | (1,731,406 ) |
Net decrease | (8,298 ) | (432,782 ) | (38,124 ) | (1,702,872 ) |
Institutional Class | ||||
Shares sold | 966,879 | 56,516,551 | 1,521,236 | 75,716,994 |
Distributions reinvested | 762,531 | 46,209,370 | — | — |
Shares redeemed | (1,367,099 ) | (80,736,414 ) | (2,664,295 ) | (128,869,590 ) |
Net increase (decrease) | 362,311 | 21,989,507 | (1,143,059 ) | (53,152,596 ) |
Institutional 2 Class | ||||
Shares sold | 93,960 | 5,557,558 | 165,064 | 7,982,548 |
Distributions reinvested | 18,935 | 1,150,484 | — | — |
Shares redeemed | (34,742 ) | (2,059,012 ) | (1,403,540 ) | (63,158,189 ) |
Net increase (decrease) | 78,153 | 4,649,030 | (1,238,476 ) | (55,175,641 ) |
Institutional 3 Class | ||||
Shares sold | 1,350,256 | 85,487,387 | 1,453,714 | 71,332,532 |
Distributions reinvested | 362,850 | 22,180,996 | — | — |
Shares redeemed | (1,352,580 ) | (81,074,173 ) | (3,037,886 ) | (157,733,858 ) |
Net increase (decrease) | 360,526 | 26,594,210 | (1,584,172 ) | (86,401,326 ) |
Class R | ||||
Shares sold | 74,145 | 4,152,822 | 48,704 | 2,178,640 |
Distributions reinvested | 7,932 | 437,798 | — | — |
Shares redeemed | (8,389 ) | (452,611 ) | (53,210 ) | (2,320,966 ) |
Net increase (decrease) | 73,688 | 4,138,009 | (4,506 ) | (142,326 ) |
Class V | ||||
Shares sold | 5,098 | 277,239 | 21,576 | 970,980 |
Shares redeemed | (4,718,757 ) | (269,201,505 ) | (419,742 ) | (19,192,830 ) |
Net decrease | (4,713,659 ) | (268,924,266 ) | (398,166 ) | (18,221,850 ) |
Total net increase (decrease) | 1,149,510 | 78,581,786 | (8,082,055 ) | (379,442,068 ) |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $55.73 | (0.05 ) | 5.75 | 5.70 | — | (2.51 ) | (2.51 ) |
Year Ended 7/31/2023 | $47.59 | (0.04 ) | 8.18 | 8.14 | — | — | — |
Year Ended 7/31/2022 | $62.66 | (0.13 ) | (9.54 ) | (9.67 ) | — | (5.40 ) | (5.40 ) |
Year Ended 7/31/2021 | $50.90 | (0.11 ) | 18.52 | 18.41 | (0.07 ) | (6.58 ) | (6.65 ) |
Year Ended 7/31/2020 | $43.43 | (0.01 ) | 11.15 | 11.14 | — | (3.67 ) | (3.67 ) |
Year Ended 7/31/2019 | $43.86 | (0.04 ) | 2.98 | 2.94 | — | (3.37 ) | (3.37 ) |
Advisor Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $61.28 | 0.02 | 6.34 | 6.36 | — | (2.51 ) | (2.51 ) |
Year Ended 7/31/2023 | $52.20 | 0.08 | 9.00 | 9.08 | — | — | — |
Year Ended 7/31/2022 | $68.22 | 0.03 | (10.50 ) | (10.47 ) | — | (5.55 ) | (5.55 ) |
Year Ended 7/31/2021 | $54.87 | 0.02 | 20.10 | 20.12 | (0.19 ) | (6.58 ) | (6.77 ) |
Year Ended 7/31/2020 | $46.43 | 0.10 | 12.01 | 12.11 | — | (3.67 ) | (3.67 ) |
Year Ended 7/31/2019 | $46.53 | 0.07 | 3.20 | 3.27 | — | (3.37 ) | (3.37 ) |
Class C | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $41.05 | (0.19 ) | 4.19 | 4.00 | — | (2.51 ) | (2.51 ) |
Year Ended 7/31/2023 | $35.33 | (0.29 ) | 6.01 | 5.72 | — | — | — |
Year Ended 7/31/2022 | $47.73 | (0.41 ) | (7.05 ) | (7.46 ) | — | (4.94 ) | (4.94 ) |
Year Ended 7/31/2021 | $40.39 | (0.39 ) | 14.31 | 13.92 | — | (6.58 ) | (6.58 ) |
Year Ended 7/31/2020 | $35.43 | (0.27 ) | 8.90 | 8.63 | — | (3.67 ) | (3.67 ) |
Year Ended 7/31/2019 | $36.70 | (0.29 ) | 2.39 | 2.10 | — | (3.37 ) | (3.37 ) |
Class E | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $54.85 | (0.13 ) | 5.65 | 5.52 | — | (2.51 ) | (2.51 ) |
Year Ended 7/31/2023 | $47.01 | (0.21 ) | 8.05 | 7.84 | — | — | — |
Year Ended 7/31/2022 | $61.99 | (0.29 ) | (9.46 ) | (9.75 ) | — | (5.23 ) | (5.23 ) |
Year Ended 7/31/2021 | $50.50 | (0.26 ) | 18.35 | 18.09 | (0.02 ) | (6.58 ) | (6.60 ) |
Year Ended 7/31/2020 | $43.15 | (0.06 ) | 11.08 | 11.02 | — | (3.67 ) | (3.67 ) |
Year Ended 7/31/2019 | $43.65 | (0.08 ) | 2.95 | 2.87 | — | (3.37 ) | (3.37 ) |
Institutional Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $59.45 | 0.02 | 6.15 | 6.17 | — | (2.51 ) | (2.51 ) |
Year Ended 7/31/2023 | $50.64 | 0.08 | 8.73 | 8.81 | — | — | — |
Year Ended 7/31/2022 | $66.34 | 0.01 | (10.16 ) | (10.15 ) | — | (5.55 ) | (5.55 ) |
Year Ended 7/31/2021 | $53.52 | 0.03 | 19.56 | 19.59 | (0.19 ) | (6.58 ) | (6.77 ) |
Year Ended 7/31/2020 | $45.38 | 0.10 | 11.71 | 11.81 | — | (3.67 ) | (3.67 ) |
Year Ended 7/31/2019 | $45.56 | 0.06 | 3.13 | 3.19 | — | (3.37 ) | (3.37 ) |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $58.92 | 10.42% | 0.99% | 0.99% (c) | (0.18% ) | 18% | $2,819,580 |
Year Ended 7/31/2023 | $55.73 | 17.10% | 1.00% (d) | 1.00% (c),(d) | (0.10% ) | 45% | $2,388,322 |
Year Ended 7/31/2022 | $47.59 | (17.35% ) | 0.98% (d) | 0.98% (d) | (0.23% ) | 46% | $2,203,137 |
Year Ended 7/31/2021 | $62.66 | 39.24% | 0.99% (d) | 0.99% (c),(d) | (0.21% ) | 52% | $2,900,684 |
Year Ended 7/31/2020 | $50.90 | 27.48% | 1.02% | 1.02% (c) | (0.03% ) | 46% | $2,249,478 |
Year Ended 7/31/2019 | $43.43 | 7.84% | 1.04% | 1.04% | (0.10% ) | 35% | $1,932,367 |
Advisor Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $65.13 | 10.55% | 0.74% | 0.74% (c) | 0.08% | 18% | $23,927 |
Year Ended 7/31/2023 | $61.28 | 17.39% | 0.75% (d) | 0.75% (c),(d) | 0.15% | 45% | $21,307 |
Year Ended 7/31/2022 | $52.20 | (17.15% ) | 0.73% (d) | 0.73% (d) | 0.05% | 46% | $17,603 |
Year Ended 7/31/2021 | $68.22 | 39.60% | 0.74% (d) | 0.74% (c),(d) | 0.03% | 52% | $20,760 |
Year Ended 7/31/2020 | $54.87 | 27.81% | 0.77% | 0.77% (c) | 0.21% | 46% | $11,934 |
Year Ended 7/31/2019 | $46.43 | 8.11% | 0.79% | 0.79% | 0.15% | 35% | $12,088 |
Class C | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $42.54 | 10.00% | 1.74% | 1.74% (c) | (0.92% ) | 18% | $41,853 |
Year Ended 7/31/2023 | $41.05 | 16.19% | 1.75% (d) | 1.75% (c),(d) | (0.83% ) | 45% | $41,296 |
Year Ended 7/31/2022 | $35.33 | (17.96% ) | 1.73% (d) | 1.73% (d) | (0.96% ) | 46% | $44,314 |
Year Ended 7/31/2021 | $47.73 | 38.22% | 1.74% (d) | 1.74% (c),(d) | (0.93% ) | 52% | $81,519 |
Year Ended 7/31/2020 | $40.39 | 26.54% | 1.77% | 1.77% (c) | (0.78% ) | 46% | $86,411 |
Year Ended 7/31/2019 | $35.43 | 7.03% | 1.79% | 1.79% | (0.86% ) | 35% | $78,293 |
Class E | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $57.86 | 10.26% | 1.30% | 1.30% (c) | (0.48% ) | 18% | $15,804 |
Year Ended 7/31/2023 | $54.85 | 16.68% | 1.37% (d) | 1.36% (c),(d) | (0.45% ) | 45% | $15,437 |
Year Ended 7/31/2022 | $47.01 | (17.61% ) | 1.28% (d) | 1.28% (d) | (0.53% ) | 46% | $15,022 |
Year Ended 7/31/2021 | $61.99 | 38.87% | 1.27% (d) | 1.26% (c),(d) | (0.48% ) | 52% | $20,376 |
Year Ended 7/31/2020 | $50.50 | 27.37% | 1.12% | 1.12% (c) | (0.13% ) | 46% | $17,216 |
Year Ended 7/31/2019 | $43.15 | 7.71% | 1.14% | 1.14% | (0.20% ) | 35% | $15,875 |
Institutional Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $63.11 | 10.56% | 0.74% | 0.74% (c) | 0.08% | 18% | $1,280,302 |
Year Ended 7/31/2023 | $59.45 | 17.40% | 0.75% (d) | 0.75% (c),(d) | 0.15% | 45% | $1,184,525 |
Year Ended 7/31/2022 | $50.64 | (17.15% ) | 0.73% (d) | 0.73% (d) | 0.02% | 46% | $1,066,894 |
Year Ended 7/31/2021 | $66.34 | 39.61% | 0.74% (d) | 0.74% (c),(d) | 0.04% | 52% | $1,360,640 |
Year Ended 7/31/2020 | $53.52 | 27.79% | 0.77% | 0.77% (c) | 0.22% | 46% | $1,062,936 |
Year Ended 7/31/2019 | $45.38 | 8.11% | 0.79% | 0.79% | 0.15% | 35% | $975,664 |
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 2 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $59.60 | 0.03 | 6.16 | 6.19 | — | (2.51 ) | (2.51 ) |
Year Ended 7/31/2023 | $50.75 | 0.17 | 8.68 | 8.85 | — | — | — |
Year Ended 7/31/2022 | $66.47 | 0.02 | (10.18 ) | (10.16 ) | — | (5.56 ) | (5.56 ) |
Year Ended 7/31/2021 | $53.62 | (0.00 )(e) | 19.64 | 19.64 | (0.21 ) | (6.58 ) | (6.79 ) |
Year Ended 7/31/2020 | $45.44 | 0.12 | 11.73 | 11.85 | — | (3.67 ) | (3.67 ) |
Year Ended 7/31/2019 | $45.59 | 0.09 | 3.13 | 3.22 | — | (3.37 ) | (3.37 ) |
Institutional 3 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $59.93 | 0.05 | 6.20 | 6.25 | — | (2.51 ) | (2.51 ) |
Year Ended 7/31/2023 | $51.01 | 0.12 | 8.80 | 8.92 | — | — | — |
Year Ended 7/31/2022 | $66.78 | 0.05 | (10.23 ) | (10.18 ) | — | (5.59 ) | (5.59 ) |
Year Ended 7/31/2021 | $53.84 | 0.05 | 19.70 | 19.75 | (0.23 ) | (6.58 ) | (6.81 ) |
Year Ended 7/31/2020 | $45.59 | 0.14 | 11.78 | 11.92 | — | (3.67 ) | (3.67 ) |
Year Ended 7/31/2019 | $45.70 | 0.11 | 3.15 | 3.26 | — | (3.37 ) | (3.37 ) |
Class R | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $54.45 | (0.12 ) | 5.62 | 5.50 | — | (2.51 ) | (2.51 ) |
Year Ended 7/31/2023 | $46.62 | (0.16 ) | 7.99 | 7.83 | — | — | — |
Year Ended 7/31/2022 | $61.49 | (0.26 ) | (9.36 ) | (9.62 ) | — | (5.25 ) | (5.25 ) |
Year Ended 7/31/2021 | $50.11 | (0.23 ) | 18.19 | 17.96 | — | (6.58 ) | (6.58 ) |
Year Ended 7/31/2020 | $42.92 | (0.12 ) | 10.98 | 10.86 | — | (3.67 ) | (3.67 ) |
Year Ended 7/31/2019 | $43.49 | (0.14 ) | 2.94 | 2.80 | — | (3.37 ) | (3.37 ) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Ratios include interest on collateral expense which is less than 0.01%. |
(e) | Rounds to zero. |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 2 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $63.28 | 10.57% | 0.72% | 0.72% | 0.10% | 18% | $31,110 |
Year Ended 7/31/2023 | $59.60 | 17.44% | 0.72% (d) | 0.72% (d) | 0.35% | 45% | $24,642 |
Year Ended 7/31/2022 | $50.75 | (17.13% ) | 0.71% (d) | 0.71% (d) | 0.04% | 46% | $83,838 |
Year Ended 7/31/2021 | $66.47 | 39.63% | 0.72% (d) | 0.72% (d) | (0.00% )(e) | 52% | $108,093 |
Year Ended 7/31/2020 | $53.62 | 27.84% | 0.73% | 0.73% | 0.26% | 46% | $17,929 |
Year Ended 7/31/2019 | $45.44 | 8.17% | 0.74% | 0.74% | 0.20% | 35% | $13,783 |
Institutional 3 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $63.67 | 10.61% | 0.67% | 0.67% | 0.15% | 18% | $801,250 |
Year Ended 7/31/2023 | $59.93 | 17.49% | 0.67% (d) | 0.67% (d) | 0.24% | 45% | $732,643 |
Year Ended 7/31/2022 | $51.01 | (17.09% ) | 0.66% (d) | 0.66% (d) | 0.09% | 46% | $704,377 |
Year Ended 7/31/2021 | $66.78 | 39.70% | 0.66% (d) | 0.66% (d) | 0.09% | 52% | $877,535 |
Year Ended 7/31/2020 | $53.84 | 27.91% | 0.68% | 0.68% | 0.31% | 46% | $526,471 |
Year Ended 7/31/2019 | $45.59 | 8.24% | 0.69% | 0.69% | 0.26% | 35% | $394,049 |
Class R | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $57.44 | 10.30% | 1.24% | 1.24% (c) | (0.43% ) | 18% | $13,883 |
Year Ended 7/31/2023 | $54.45 | 16.80% | 1.25% (d) | 1.25% (c),(d) | (0.34% ) | 45% | $9,150 |
Year Ended 7/31/2022 | $46.62 | (17.56% ) | 1.23% (d) | 1.23% (d) | (0.48% ) | 46% | $8,043 |
Year Ended 7/31/2021 | $61.49 | 38.92% | 1.24% (d) | 1.24% (c),(d) | (0.44% ) | 52% | $10,247 |
Year Ended 7/31/2020 | $50.11 | 27.14% | 1.27% | 1.27% (c) | (0.28% ) | 46% | $11,856 |
Year Ended 7/31/2019 | $42.92 | 7.57% | 1.29% | 1.29% | (0.35% ) | 35% | $13,233 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Equity risk | Option contracts written, at value | 304,175 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Option contracts written ($) |
Equity risk | 81,521 |
Derivative instrument | Average value ($) |
Option contracts written | (21,871 ) |
Morgan Stanley ($) | |
Liabilities | |
Call option contracts written | 304,175 |
Total Financial and Derivative Net Assets | (304,175 ) |
Total collateral received (pledged) (a) | (304,175 ) |
Net amount (b) | - |
(a) | In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Represents the net amount due from/(to) counterparties in the event of default. |
Effective rate (%) | |
Class A | 0.08 |
Advisor Class | 0.08 |
Class C | 0.08 |
Class E | 0.29 |
Institutional Class | 0.08 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Class R | 0.08 |
Class V | 0.03 (a) |
(a) | Unannualized. |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 5.75 | 0.50 - 1.00(a) | 388,116 |
Class C | — | 1.00 (b) | 792 |
Class E | 4.50 | 1.00 (b) | 27 |
Class V | 5.75 | 0.50 - 1.00(a) | 760 |
(a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
December 1, 2023 through November 30, 2024 | Prior to December 1, 2023 | |
Class A | 1.03 % | 1.09 % |
Advisor Class | 0.78 | 0.84 |
Class C | 1.78 | 1.84 |
Class R | 1.37 | 1.44 |
Institutional Class | 0.78 | 0.84 |
Institutional 2 Class | 0.76 | 0.81 |
Institutional 3 Class | 0.71 | 0.76 |
Class R | 1.28 | 1.34 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
2,208,861,000 | 2,854,660,000 | (36,174,000 ) | 2,818,486,000 |
Late year ordinary losses ($) | Post-October capital losses ($) |
3,875,421 | — |
Votes For | Votes Against | Abstentions | Broker Non-Votes |
2,050,894.912 | 130,218.732 | 197,026.998 | 0 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Average annual total returns (%) (for the period ended January 31, 2024) | ||||||
Inception | 6 Months cumulative | 1 Year | 5 Years | 10 Years | ||
Class A* | 02/20/19 | 3.34 | 5.94 | 2.22 | 1.49 | |
Advisor Class* | 12/03/18 | 3.31 | 5.98 | 2.37 | 1.64 | |
Institutional Class* | 12/03/18 | 3.31 | 5.98 | 2.37 | 1.64 | |
Institutional 3 Class | 03/08/04 | 3.34 | 6.16 | 2.44 | 1.73 | |
Bloomberg U.S. Short-Term Government/Corporate Index | 2.91 | 5.23 | 2.01 | 1.45 |
Portfolio breakdown (%) (at January 31, 2024) | |
Asset-Backed Securities — Non-Agency | 33.9 |
Commercial Mortgage-Backed Securities - Non-Agency | 3.0 |
Corporate Bonds & Notes | 48.0 |
Foreign Government Obligations | 1.0 |
Money Market Funds | 2.5 |
Residential Mortgage-Backed Securities - Agency | 0.0 (a) |
Residential Mortgage-Backed Securities - Non-Agency | 9.5 |
Treasury Bills | 1.1 |
U.S. Government & Agency Obligations | 1.0 |
Total | 100.0 |
(a) | Rounds to zero. |
Quality breakdown (%) (at January 31, 2024) | |
AA rating | 44.3 |
A rating | 23.6 |
BBB rating | 25.4 |
Not rated | 6.7 |
Total | 100.0 |
August 1, 2023 — January 31, 2024 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,033.40 | 1,022.87 | 2.30 | 2.29 | 0.45 |
Advisor Class | 1,000.00 | 1,000.00 | 1,033.10 | 1,023.63 | 1.53 | 1.53 | 0.30 |
Institutional Class | 1,000.00 | 1,000.00 | 1,033.10 | 1,023.63 | 1.53 | 1.53 | 0.30 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,033.40 | 1,023.93 | 1.23 | 1.22 | 0.24 |
Asset-Backed Securities — Non-Agency 33.9% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Affirm Asset Securitization Trust(a) | ||||
Series 2023-X1 Class A | ||||
11/15/2028 | 7.110% | 2,239,910 | 2,246,479 | |
American Credit Acceptance Receivables Trust(a) | ||||
Series 2023-3 Class A | ||||
03/12/2027 | 6.000% | 2,882,369 | 2,884,992 | |
Subordinated Series 2021-3 Class C | ||||
11/15/2027 | 0.980% | 2,007,597 | 1,999,961 | |
Subordinated Series 2022-2 Class C | ||||
06/13/2028 | 4.410% | 5,357,742 | 5,328,826 | |
Subordinated Series 2022-2 Class D | ||||
06/13/2028 | 4.850% | 6,200,000 | 6,090,816 | |
AmeriCredit Automobile Receivables Trust | ||||
Series 2021-3 Class A3 | ||||
08/18/2026 | 0.760% | 8,863,850 | 8,669,461 | |
Amur Equipment Finance Receivables XIII LLC(a) | ||||
Series 2024-1A Class A1 | ||||
01/21/2025 | 5.558% | 4,750,000 | 4,750,768 | |
Arivo Acceptance Auto Loan Receivables Trust(a) | ||||
Series 2021-1A Class A | ||||
01/15/2027 | 1.190% | 1,317,941 | 1,297,944 | |
Atalaya Equipment Leasing Trust(a) | ||||
Series 2021-1A Class A2 | ||||
05/15/2026 | 1.230% | 813,097 | 807,095 | |
Capital One Multi-Asset Execution Trust | ||||
Series 2021-A3 Class A3 | ||||
11/15/2026 | 1.040% | 10,153,000 | 9,828,596 | |
Carvana Auto Receivables Trust | ||||
Series 2021-N1 Class A | ||||
01/10/2028 | 0.700% | 3,955,560 | 3,763,046 | |
Series 2021-N3 Class A1 | ||||
06/12/2028 | 0.350% | 169,171 | 168,949 | |
CCG Receivables Trust(a) | ||||
Series 2021-1 Class A2 | ||||
06/14/2027 | 0.300% | 739,732 | 732,585 | |
CNH Equipment Trust | ||||
Series 2021-B Class A3 | ||||
08/17/2026 | 0.440% | 4,439,812 | 4,305,412 | |
Commercial Equipment Finance LLC(a) | ||||
Series 2021-A Class A | ||||
02/16/2027 | 2.050% | 4,549,308 | 4,460,248 | |
Credito Real USA Auto Receivables Trust(a) | ||||
Series 2021-1A Class A | ||||
02/16/2027 | 1.350% | 80,374 | 80,183 | |
Dext Asset-Backed Security LLC(a) | ||||
Series 2021-1 Class A | ||||
02/15/2028 | 1.120% | 6,671,124 | 6,504,696 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Dllmt LLC(a) | ||||
Series 2021-1A Class A3 | ||||
07/21/2025 | 1.000% | 4,100,279 | 4,019,000 | |
DT Auto Owner Trust(a) | ||||
Series 2022-3A Class A | ||||
10/15/2026 | 6.050% | 8,635,172 | 8,642,273 | |
Subordinated Series 2020-1A Class D | ||||
11/17/2025 | 2.550% | 3,994,957 | 3,955,038 | |
Ent Auto Receivables Trust(a) | ||||
Series 2023-1A Class A2 | ||||
08/16/2027 | 6.220% | 3,775,000 | 3,786,142 | |
Enterprise Fleet Financing LLC(a) | ||||
Series 2021-3 Class A3 | ||||
08/20/2027 | 1.220% | 12,000,000 | 11,456,108 | |
Exeter Automobile Receivables Trust | ||||
Series 2023-1A Class A2 | ||||
06/16/2025 | 5.610% | 1,627,826 | 1,627,995 | |
Series 2023-4A Class A2 | ||||
12/15/2025 | 6.070% | 2,197,546 | 2,199,500 | |
Subordinated Series 2021-4A Class C | ||||
10/15/2027 | 1.460% | 6,562,881 | 6,447,838 | |
FHF Trust(a) | ||||
Series 2021-1A Class A | ||||
03/15/2027 | 1.270% | 1,923,767 | 1,866,351 | |
Series 2021-2A Class A | ||||
12/15/2026 | 0.830% | 4,367,472 | 4,227,794 | |
First Investors Auto Owner Trust(a) | ||||
Series 2021-2A Class A | ||||
03/15/2027 | 0.480% | 3,460,330 | 3,405,417 | |
Flagship Credit Auto Trust(a) | ||||
Series 2021-3 Class A | ||||
07/15/2027 | 0.360% | 3,036,896 | 3,006,276 | |
Ford Credit Auto Lease Trust | ||||
Series 2022-A Class A3 | ||||
05/15/2025 | 3.230% | 302,676 | 301,511 | |
Ford Credit Auto Owner Trust | ||||
Series 2020-B Class A4 | ||||
11/15/2025 | 0.790% | 2,988,438 | 2,972,156 | |
GLS Auto Receivables Issuer Trust(a) | ||||
Series 2023-3A Class A2 | ||||
03/15/2027 | 6.040% | 6,617,000 | 6,635,861 | |
Subordinated Series 2021-1A Class C | ||||
01/15/2027 | 1.200% | 40,731 | 40,661 | |
GM Financial Automobile Leasing Trust | ||||
Series 2022-1 Class A4 | ||||
02/20/2026 | 1.960% | 18,975,000 | 18,734,473 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
GM Financial Consumer Automobile Receivables Trust | ||||
Series 2023-1 Class A2A | ||||
03/16/2026 | 5.190% | 1,901,394 | 1,899,619 | |
GreatAmerica Leasing Receivables(a) | ||||
Series 2023-1 Class A1 | ||||
06/14/2024 | 5.519% | 2,195,048 | 2,194,891 | |
Harley-Davidson Motorcycle Trust | ||||
Series 2022-A Class A3 | ||||
02/15/2027 | 3.060% | 3,616,584 | 3,554,660 | |
Hertz Vehicle Financing LLC(a) | ||||
Series 2021-1A Class A | ||||
12/26/2025 | 1.210% | 4,715,000 | 4,575,119 | |
HPEFS Equipment Trust(a) | ||||
Series 2024-1A Class A1 | ||||
01/21/2025 | 5.596% | 5,450,000 | 5,451,335 | |
Hyundai Auto Receivables Trust | ||||
Series 2021-B Class A3 | ||||
01/15/2026 | 0.380% | 2,747,313 | 2,693,697 | |
JPMorgan Chase Bank NA(a) | ||||
Subordinated Series 2021-1 Class C | ||||
09/25/2028 | 1.024% | 1,405,108 | 1,383,816 | |
Subordinated Series 2021-2 Class C | ||||
12/26/2028 | 0.969% | 610,962 | 596,792 | |
JPMorgan Chase Bank NA - CACLN(a) | ||||
Series 2021-3 Class B | ||||
02/26/2029 | 0.760% | 2,947,579 | 2,848,469 | |
Series 2021-3 Class C | ||||
02/26/2029 | 0.860% | 1,202,523 | 1,162,835 | |
LAD Auto Receivables Trust(a) | ||||
Series 2021-1A Class A | ||||
08/17/2026 | 1.300% | 749,701 | 740,475 | |
Lendbuzz Securitization Trust(a) | ||||
Series 2021-1A Class A | ||||
06/15/2026 | 1.460% | 5,423,466 | 5,272,467 | |
LL ABS Trust(a) | ||||
Series 2021-1A Class A | ||||
05/15/2029 | 1.070% | 459,094 | 455,163 | |
Mercedes-Benz Auto Receivables Trust | ||||
Series 2020-1 Class A4 | ||||
10/15/2026 | 0.770% | 4,542,886 | 4,471,671 | |
Octane Receivables Trust(a) | ||||
Series 2021-2A Class A | ||||
09/20/2028 | 1.210% | 8,188,661 | 7,967,839 | |
Oportun Issuance Trust(a) | ||||
Series 2022-3 Class A | ||||
01/08/2030 | 7.451% | 5,275,934 | 5,278,620 | |
Pagaya AI Debt Selection Trust(a) | ||||
Series 2021-5 Class A | ||||
08/15/2029 | 1.530% | 524,336 | 523,228 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Pagaya AI Debt Trust(a) | ||||
Series 2022-1 Class A | ||||
10/15/2029 | 2.030% | 8,061,949 | 8,028,457 | |
Series 2024-1 Class A | ||||
07/15/2031 | 6.660% | 1,475,000 | 1,480,959 | |
Pagaya AI Debt Trust(a),(b) | ||||
Subordinated Series 2023-7 Class AB | ||||
07/15/2031 | 7.342% | 3,425,000 | 3,436,610 | |
Prosper Marketplace Issuance Trust(a) | ||||
Series 2023-1A Class A | ||||
07/16/2029 | 7.060% | 1,077,813 | 1,083,977 | |
Reach ABS Trust(a),(c) | ||||
Series 2024-1A Class A | ||||
02/18/2031 | 6.300% | 4,100,000 | 4,108,918 | |
Santander Drive Auto Receivables Trust | ||||
Series 2022-2 Class A3 | ||||
10/15/2026 | 2.980% | 2,246,913 | 2,237,583 | |
Series 2022-3 Class A3 | ||||
12/15/2026 | 3.400% | 8,477,548 | 8,426,841 | |
Series 2022-7 Class A3 | ||||
04/15/2027 | 5.750% | 5,490,000 | 5,498,270 | |
Series 2023-3 Class A2 | ||||
08/17/2026 | 6.080% | 2,640,840 | 2,645,276 | |
Series 2023-4 Class A2 | ||||
02/16/2027 | 6.180% | 13,390,533 | 13,426,130 | |
Series 2024-1 Class A2 | ||||
02/16/2027 | 5.710% | 2,600,000 | 2,601,803 | |
Subordinated Series 2022-6 Class B | ||||
06/15/2027 | 4.720% | 4,425,000 | 4,399,340 | |
Santander Retail Auto Lease Trust(a) | ||||
Series 2022-B Class A3 | ||||
11/20/2025 | 3.280% | 486,439 | 481,539 | |
Santander Revolving Auto Loan Trust(a) | ||||
Subordinated Series 2019-A Class C | ||||
01/26/2032 | 3.000% | 9,150,000 | 8,891,167 | |
SoFi Consumer Loan Program Trust(a) | ||||
Series 2022-1S Class A | ||||
04/15/2031 | 6.210% | 1,410,214 | 1,410,512 | |
Toyota Auto Loan Extended Note Trust(a) | ||||
Series 2019-1A Class A | ||||
11/25/2031 | 2.560% | 31,813,000 | 31,492,424 | |
Upstart Pass-Through Trust(a) | ||||
Series 2020-ST6 Class A | ||||
01/20/2027 | 3.000% | 692,831 | 680,958 | |
Series 2021-ST2 Class A | ||||
04/20/2027 | 2.500% | 492,533 | 478,812 | |
Series 2021-ST6 Class A | ||||
08/20/2027 | 1.850% | 1,447,905 | 1,402,405 |
Asset-Backed Securities — Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2021-ST7 Class A | ||||
09/20/2029 | 1.850% | 341,199 | 339,857 | |
Series 2021-ST9 Class A | ||||
11/20/2029 | 1.700% | 1,448,233 | 1,426,602 | |
Verizon Master Trust | ||||
Series 2021-1 Class A | ||||
05/20/2027 | 0.500% | 21,345,000 | 21,078,563 | |
Series 2022-2 Class A | ||||
07/20/2028 | 1.530% | 12,000,000 | 11,593,621 | |
Verizon Master Trust(b) | ||||
Series 2022-7 Class A1A | ||||
11/22/2027 | 5.230% | 1,510,000 | 1,510,054 | |
VFI ABS LLC(a) | ||||
Series 2022-1A Class A | ||||
03/24/2028 | 2.230% | 2,725,609 | 2,685,758 | |
Westlake Automobile Receivables Trust(a) | ||||
Series 2022-2A Class A3 | ||||
04/15/2026 | 3.750% | 9,270,000 | 9,213,789 | |
Series 2022-3A Class A2 | ||||
07/15/2025 | 5.240% | 1,076,931 | 1,076,583 | |
Subordinated Series 2021-3 Class C | ||||
01/15/2027 | 1.580% | 9,000,000 | 8,757,325 | |
Subordinated Series 2021-3A Class D | ||||
01/15/2027 | 2.120% | 6,000,000 | 5,722,958 | |
World Omni Auto Receivables Trust | ||||
Series 2021-A Class A3 | ||||
01/15/2026 | 0.300% | 314,059 | 308,794 | |
Series 2022-A Class A3 | ||||
05/17/2027 | 1.660% | 3,056,558 | 2,966,004 | |
World Omni Select Auto Trust | ||||
Series 2021-A Class A3 | ||||
03/15/2027 | 0.530% | 8,173,771 | 8,020,801 | |
Total Asset-Backed Securities — Non-Agency (Cost $373,875,283) | 375,227,837 | |||
Commercial Mortgage-Backed Securities - Non-Agency 3.0% | ||||
COMM Mortgage Trust | ||||
Series 2015-CR24 Class A4 | ||||
08/10/2048 | 3.432% | 5,222,286 | 5,096,024 | |
Commercial Mortgage Trust | ||||
Series 2014-CR16 Class A4 | ||||
04/10/2047 | 4.051% | 1,123,000 | 1,118,571 | |
JPMBB Commercial Mortgage Securities Trust | ||||
Series 2014-C18 Class A5 | ||||
02/15/2047 | 4.079% | 1,798,747 | 1,784,241 | |
Morgan Stanley Bank of America Merrill Lynch Trust | ||||
Series 2015-C27 Class A3 | ||||
12/15/2047 | 3.473% | 3,877,750 | 3,774,863 |
Commercial Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Progress Residential Trust(a) | ||||
Series 2020-SFR1 Class A | ||||
04/17/2037 | 1.732% | 4,977,715 | 4,776,285 | |
Series 2020-SFR2 Class A | ||||
06/17/2037 | 2.078% | 6,341,402 | 6,047,717 | |
Wells Fargo Commercial Mortgage Trust(a),(d) | ||||
Series 2017-SMP Class A | ||||
1-month Term SOFR + 1.047% Floor 0.875% 12/15/2034 | 6.380% | 11,000,000 | 10,340,356 | |
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $33,462,766) | 32,938,057 | |||
Corporate Bonds & Notes 48.0% | ||||
Aerospace & Defense 1.8% | ||||
BAE Systems Holdings, Inc.(a) | ||||
12/15/2025 | 3.850% | 5,500,000 | 5,397,766 | |
Boeing Co. (The) | ||||
05/01/2025 | 4.875% | 5,500,000 | 5,463,558 | |
Harris Corp. | ||||
04/27/2025 | 3.832% | 4,005,000 | 3,940,970 | |
United Technologies Corp. | ||||
08/16/2025 | 3.950% | 5,500,000 | 5,426,390 | |
Total | 20,228,684 | |||
Automotive 1.0% | ||||
Daimler Trucks Finance North America LLC(a),(d) | ||||
SOFR + 1.000% 04/05/2024 | 6.310% | 5,000,000 | 5,003,574 | |
Toyota Motor Credit Corp.(d) | ||||
SOFR + 0.650% 09/11/2025 | 5.960% | 5,700,000 | 5,710,036 | |
Total | 10,713,610 | |||
Banking 14.3% | ||||
American Express Co.(d) | ||||
SOFR + 0.720% 05/03/2024 | 6.030% | 4,647,000 | 4,650,399 | |
Bank of America Corp.(d) | ||||
SOFR + 1.100% 04/25/2025 | 6.410% | 10,325,000 | 10,339,796 | |
Bank of Montreal | ||||
06/07/2025 | 3.700% | 5,563,000 | 5,466,559 | |
Bank of New York Mellon Corp. (The)(d) | ||||
SOFR + 0.260% 04/26/2024 | 5.570% | 1,718,000 | 1,716,939 | |
Bank of Nova Scotia (The)(d) | ||||
SOFR + 1.090% 06/12/2025 | 6.400% | 5,500,000 | 5,528,857 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
BB&T Corp | ||||
06/05/2025 | 3.700% | 4,875,000 | 4,779,308 | |
Canadian Imperial Bank of Commerce(d) | ||||
SOFR + 0.940% 04/07/2025 | 6.250% | 5,500,000 | 5,519,894 | |
Citigroup, Inc.(e) | ||||
04/24/2025 | 3.352% | 10,160,000 | 10,104,558 | |
Commonwealth Bank of Australia(a),(d) | ||||
3-month Term SOFR + 1.082% 06/04/2024 | 6.451% | 5,383,000 | 5,392,942 | |
Cooperatieve Rabobank UA(d) | ||||
SOFR + 0.700% 07/18/2025 | 6.010% | 5,375,000 | 5,382,325 | |
Goldman Sachs Group, Inc. (The)(d) | ||||
SOFR + 0.486% 10/21/2024 | 5.796% | 9,000,000 | 9,006,079 | |
HSBC Holdings PLC(e) | ||||
04/18/2026 | 1.645% | 7,000,000 | 6,680,002 | |
JPMorgan Chase & Co.(e) | ||||
11/19/2026 | 1.045% | 11,500,000 | 10,692,626 | |
Morgan Stanley(e) | ||||
10/21/2025 | 1.164% | 10,500,000 | 10,136,711 | |
National Australia Bank Ltd. | ||||
12/10/2025 | 4.750% | 5,675,000 | 5,685,189 | |
PNC Bank NA | ||||
06/01/2025 | 3.250% | 5,498,000 | 5,365,455 | |
Royal Bank of Canada(d) | ||||
SOFR + 0.840% 04/14/2025 | 6.150% | 5,500,000 | 5,518,597 | |
Skandinaviska Enskilda Banken AB(a) | ||||
11/19/2025 | 1.400% | 5,500,000 | 5,176,200 | |
State Street Corp.(e) | ||||
05/18/2026 | 5.104% | 3,375,000 | 3,377,291 | |
Svenska Handelsbanken AB(a) | ||||
06/10/2025 | 3.650% | 5,465,000 | 5,378,525 | |
Toronto-Dominion Bank (The)(d) | ||||
SOFR + 0.910% 03/08/2024 | 6.220% | 5,500,000 | 5,501,253 | |
UBS Group AG(a),(e) | ||||
08/05/2025 | 4.490% | 5,500,000 | 5,467,122 | |
US Bancorp | ||||
11/17/2025 | 3.950% | 5,500,000 | 5,420,726 | |
Wells Fargo & Co.(e) | ||||
05/19/2025 | 0.805% | 11,000,000 | 10,829,579 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Westpac Banking Corp.(d) | ||||
SOFR + 0.720% 11/17/2025 | 6.030% | 5,300,000 | 5,312,730 | |
Total | 158,429,662 | |||
Cable and Satellite 1.0% | ||||
Charter Communications Operating LLC/Capital | ||||
07/23/2025 | 4.908% | 5,200,000 | 5,153,850 | |
Comcast Corp. | ||||
10/15/2025 | 3.950% | 5,500,000 | 5,431,718 | |
Total | 10,585,568 | |||
Chemicals 0.7% | ||||
DowDuPont, Inc. | ||||
11/15/2025 | 4.493% | 5,000,000 | 4,961,563 | |
LYB International Finance III LLC | ||||
10/01/2025 | 1.250% | 2,466,000 | 2,312,519 | |
Total | 7,274,082 | |||
Construction Machinery 1.0% | ||||
Caterpillar Financial Services Corp. | ||||
05/15/2025 | 1.450% | 5,500,000 | 5,268,478 | |
John Deere Capital Corp. | ||||
09/08/2025 | 5.300% | 5,340,000 | 5,400,793 | |
Total | 10,669,271 | |||
Diversified Manufacturing 0.9% | ||||
Carrier Global Corp.(a) | ||||
11/30/2025 | 5.800% | 5,088,000 | 5,159,699 | |
Siemens Financieringsmaatschappij NV(a) | ||||
05/27/2025 | 3.250% | 5,500,000 | 5,402,168 | |
Total | 10,561,867 | |||
Electric 4.0% | ||||
CenterPoint Energy, Inc.(d) | ||||
SOFR + 0.650% 05/13/2024 | 5.960% | 2,710,000 | 2,709,804 | |
Dominion Energy, Inc. | ||||
04/15/2026 | 1.450% | 5,500,000 | 5,107,726 | |
DTE Energy Co. | ||||
11/01/2024 | 4.220% | 5,500,000 | 5,444,707 | |
Duke Energy Corp. | ||||
09/15/2025 | 0.900% | 5,651,000 | 5,301,135 | |
Eversource Energy | ||||
08/15/2025 | 0.800% | 3,657,000 | 3,417,518 | |
Mississippi Power Co.(d) | ||||
SOFR + 0.300% 06/28/2024 | 5.610% | 5,286,000 | 5,281,848 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
NextEra Energy Capital Holdings, Inc. | ||||
09/01/2025 | 5.749% | 5,000,000 | 5,049,568 | |
Public Service Enterprise Group, Inc. | ||||
08/15/2025 | 0.800% | 4,499,000 | 4,220,123 | |
WEC Energy Group, Inc. | ||||
09/27/2025 | 5.000% | 5,500,000 | 5,502,945 | |
Xcel Energy, Inc. | ||||
06/01/2025 | 3.300% | 2,334,000 | 2,279,835 | |
Total | 44,315,209 | |||
Food and Beverage 1.9% | ||||
Bacardi Ltd.(a) | ||||
05/15/2025 | 4.450% | 5,500,000 | 5,432,566 | |
Diageo Capital PLC | ||||
09/29/2025 | 1.375% | 5,000,000 | 4,735,948 | |
Mondelez International, Inc. | ||||
05/04/2025 | 1.500% | 5,500,000 | 5,269,449 | |
PepsiCo, Inc.(d) | ||||
SOFR + 0.400% 11/12/2024 | 5.710% | 5,085,000 | 5,092,878 | |
Total | 20,530,841 | |||
Health Care 2.9% | ||||
Becton Dickinson and Co. | ||||
06/06/2024 | 3.363% | 5,208,000 | 5,165,616 | |
Cigna Corp. | ||||
11/15/2025 | 4.125% | 5,500,000 | 5,416,887 | |
CVS Health Corp. | ||||
07/20/2025 | 3.875% | 5,500,000 | 5,412,514 | |
GE HealthCare Technologies, Inc. | ||||
11/15/2025 | 5.600% | 5,500,000 | 5,553,276 | |
HCA, Inc. | ||||
02/15/2026 | 5.875% | 5,075,000 | 5,123,198 | |
Thermo Fisher Scientific, Inc. | ||||
10/18/2024 | 1.215% | 5,500,000 | 5,346,381 | |
Total | 32,017,872 | |||
Healthcare Insurance 0.8% | ||||
Anthem, Inc. | ||||
03/15/2026 | 1.500% | 4,156,000 | 3,880,621 | |
UnitedHealth Group, Inc. | ||||
07/15/2025 | 3.750% | 5,500,000 | 5,427,617 | |
Total | 9,308,238 | |||
Independent Energy 0.8% | ||||
Pioneer Natural Resources Co. | ||||
03/29/2026 | 5.100% | 4,834,000 | 4,868,080 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Woodside Finance Ltd.(a) | ||||
03/05/2025 | 3.650% | 4,537,000 | 4,448,378 | |
Total | 9,316,458 | |||
Integrated Energy 0.1% | ||||
BP Capital Markets America, Inc. | ||||
05/04/2026 | 3.119% | 1,500,000 | 1,451,184 | |
Life Insurance 2.1% | ||||
Corebridge Financial, Inc. | ||||
04/04/2025 | 3.500% | 5,500,000 | 5,380,886 | |
Met Tower Global Funding(a) | ||||
06/20/2026 | 5.400% | 5,500,000 | 5,573,163 | |
New York Life Global Funding(a) | ||||
06/24/2025 | 0.950% | 1,836,000 | 1,740,327 | |
Pricoa Global Funding I(a) | ||||
09/01/2025 | 0.800% | 6,000,000 | 5,628,170 | |
Principal Life Global Funding II(a) | ||||
06/23/2025 | 1.250% | 5,671,000 | 5,391,089 | |
Total | 23,713,635 | |||
Media and Entertainment 0.9% | ||||
Discovery Communications LLC | ||||
03/11/2026 | 4.900% | 5,500,000 | 5,480,309 | |
Walt Disney Co. (The) | ||||
09/15/2024 | 3.700% | 4,149,000 | 4,108,390 | |
Total | 9,588,699 | |||
Midstream 3.2% | ||||
Enbridge, Inc. | ||||
02/16/2024 | 2.150% | 5,208,000 | 5,199,409 | |
Energy Transfer Partners LP | ||||
01/15/2026 | 4.750% | 5,400,000 | 5,365,147 | |
Enterprise Products Operating LLC | ||||
02/15/2024 | 3.900% | 5,169,000 | 5,165,090 | |
Kinder Morgan Energy Partners LP | ||||
02/01/2024 | 4.150% | 4,583,000 | 4,582,776 | |
05/01/2024 | 4.300% | 1,710,000 | 1,703,732 | |
Plains All American Pipeline LP/Finance Corp. | ||||
10/15/2025 | 4.650% | 5,500,000 | 5,457,453 | |
Western Midstream Operating LP | ||||
02/01/2025 | 3.100% | 2,840,000 | 2,768,876 | |
Williams Companies, Inc. (The) | ||||
09/15/2025 | 4.000% | 5,500,000 | 5,411,146 | |
Total | 35,653,629 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Natural Gas 0.5% | ||||
NiSource, Inc. | ||||
08/15/2025 | 0.950% | 5,500,000 | 5,163,628 | |
Pharmaceuticals 2.9% | ||||
AbbVie, Inc. | ||||
03/15/2025 | 3.800% | 5,500,000 | 5,432,861 | |
Amgen, Inc. | ||||
05/01/2025 | 3.125% | 5,500,000 | 5,371,972 | |
AstraZeneca PLC | ||||
11/16/2025 | 3.375% | 5,500,000 | 5,382,087 | |
Gilead Sciences, Inc. | ||||
02/01/2025 | 3.500% | 5,025,000 | 4,947,543 | |
Pfizer Investment Enterprises Pte., Ltd. | ||||
05/19/2026 | 4.450% | 6,250,000 | 6,220,364 | |
Roche Holdings, Inc.(a),(d) | ||||
SOFR + 0.240% 03/05/2024 | 5.550% | 5,250,000 | 5,249,187 | |
Total | 32,604,014 | |||
Property & Casualty 1.0% | ||||
Chubb INA Holdings, Inc. | ||||
03/15/2025 | 3.150% | 5,500,000 | 5,391,510 | |
Loews Corp. | ||||
04/01/2026 | 3.750% | 5,500,000 | 5,370,590 | |
Total | 10,762,100 | |||
Railroads 1.0% | ||||
CSX Corp. | ||||
11/01/2025 | 3.350% | 5,500,000 | 5,368,745 | |
Union Pacific Corp. | ||||
01/15/2025 | 3.250% | 5,500,000 | 5,412,337 | |
Total | 10,781,082 | |||
Retailers 0.5% | ||||
Lowe’s Companies, Inc. | ||||
09/08/2025 | 4.400% | 5,236,000 | 5,201,424 | |
Technology 2.2% | ||||
Broadcom, Inc. | ||||
11/15/2025 | 3.150% | 5,500,000 | 5,333,904 | |
International Business Machines Corp. | ||||
02/12/2024 | 3.625% | 3,525,000 | 3,522,584 | |
Microchip Technology, Inc. | ||||
02/15/2024 | 0.972% | 5,129,000 | 5,118,946 | |
NXP BV/Funding LLC | ||||
03/01/2026 | 5.350% | 5,500,000 | 5,527,631 |
Corporate Bonds & Notes (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Oracle Corp. | ||||
04/01/2025 | 2.500% | 5,500,000 | 5,334,595 | |
Total | 24,837,660 | |||
Transportation Services 0.5% | ||||
ERAC USA Finance LLC(a) | ||||
11/01/2025 | 3.800% | 5,500,000 | 5,380,184 | |
Wireless 1.0% | ||||
American Tower Corp. | ||||
01/15/2025 | 2.950% | 5,500,000 | 5,378,094 | |
T-Mobile USA, Inc. | ||||
04/15/2025 | 3.500% | 5,500,000 | 5,391,571 | |
Total | 10,769,665 | |||
Wirelines 1.0% | ||||
AT&T, Inc.(d) | ||||
3-month Term SOFR + 1.442% 06/12/2024 | 6.808% | 5,500,000 | 5,513,338 | |
Verizon Communications, Inc. | ||||
11/20/2025 | 0.850% | 5,838,000 | 5,440,743 | |
Total | 10,954,081 | |||
Total Corporate Bonds & Notes (Cost $529,103,290) | 530,812,347 | |||
Foreign Government Obligations(f) 1.0% | ||||
Canada 1.0% | ||||
Province of Ontario | ||||
01/21/2026 | 0.625% | 6,000,000 | 5,575,891 | |
Province of Quebec | ||||
10/16/2024 | 2.875% | 5,500,000 | 5,416,503 | |
Total | 10,992,394 | |||
Total Foreign Government Obligations (Cost $10,995,245) | 10,992,394 | |||
Residential Mortgage-Backed Securities - Agency 0.0% | ||||
Federal Home Loan Mortgage Corp.(d) | ||||
1-year CMT + 2.255% Cap 11.233% 02/01/2036 | 6.380% | 17,914 | 17,962 | |
Total Residential Mortgage-Backed Securities - Agency (Cost $17,903) | 17,962 | |||
Residential Mortgage-Backed Securities - Non-Agency 9.5% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Bellemeade Re Ltd.(a),(d) | ||||
CMO Series 2021-3A Class M1A | ||||
30-day Average SOFR + 1.000% Floor 1.000% 09/25/2031 | 6.345% | 1,847,462 | 1,847,452 | |
CFMT LLC(a),(b) | ||||
CMO Series 2021-EBO1 Class A | ||||
11/25/2050 | 0.985% | 6,214,996 | 5,783,829 | |
Connecticut Avenue Securities Trust(a),(d) | ||||
CMO Series 2022-R05 Class 2M1 | ||||
30-day Average SOFR + 1.900% 04/25/2042 | 7.245% | 7,894,950 | 7,962,045 | |
Freddie Mac STACR REMIC Trust(a),(d) | ||||
CMO Series 2022-HQA1 Class M1A | ||||
30-day Average SOFR + 2.100% 03/25/2042 | 7.445% | 5,741,017 | 5,812,589 | |
MFA Trust(a),(b) | ||||
CMO Series 2020-NQM3 Class A3 | ||||
01/26/2065 | 1.632% | 998,132 | 925,445 | |
NRZ Excess Spread-Collateralized Notes(a) | ||||
Series 2020-PLS1 Class A | ||||
12/25/2025 | 3.844% | 2,526,913 | 2,416,655 | |
Pretium Mortgage Credit Partners LLC(a),(b) | ||||
CMO Series 2021-RN2 Class A1 | ||||
07/25/2051 | 1.744% | 7,777,799 | 7,467,457 | |
RCO Mortgage LLC(a),(c),(g),(h) | ||||
CMO Series 2024-1 Class A1 | ||||
01/25/2029 | 7.021% | 1,100,000 | 1,099,999 | |
Towd Point Mortgage Trust(a),(b) | ||||
CMO Series 2021-SJ1 Class A1 | ||||
07/25/2068 | 2.250% | 8,472,610 | 7,996,560 | |
CMO Series 2022-EBO1 Class A | ||||
01/25/2052 | 2.161% | 158,859 | 158,187 | |
CMO Series 2022-SJ1 Class A1B | ||||
03/25/2062 | 3.612% | 14,669,261 | 14,034,320 | |
VCAT Asset Securitization LLC(a),(b) | ||||
CMO Series 2021-NPL6 Class A1 | ||||
09/25/2051 | 1.917% | 12,968,928 | 12,653,791 | |
VCAT LLC(a),(b) | ||||
CMO Series 2021-NPL1 Class A1 | ||||
12/26/2050 | 5.289% | 714,235 | 709,326 | |
CMO Series 2021-NPL4 Class A1 | ||||
08/25/2051 | 1.868% | 20,087,185 | 19,165,818 | |
CMO Series 2021-NPL5 Class A1 | ||||
08/25/2051 | 1.868% | 9,913,889 | 9,758,733 | |
Vericrest Opportunity Loan Transferee XCIII LLC(a),(b) | ||||
CMO Series 2021-NPL2 Class A1 | ||||
02/27/2051 | 1.893% | 7,724,750 | 7,492,535 |
Residential Mortgage-Backed Securities - Non-Agency (continued) | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Verus Securitization Trust(a),(b) | ||||
CMO Series 2020-1 Class A1 | ||||
01/25/2060 | 2.417% | 313,150 | 297,311 | |
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $109,067,756) | 105,582,052 | |||
Treasury Bills 1.1% | ||||
Issuer | Yield | Principal Amount ($) | Value ($) | |
United States 1.1% | ||||
U.S. Treasury Bills | ||||
05/02/2024 | 5.300% | 11,900,000 | 11,743,211 | |
Total Treasury Bills (Cost $11,739,776) | 11,743,211 | |||
U.S. Government & Agency Obligations 1.0% | ||||
Issuer | Coupon Rate | Principal Amount ($) | Value ($) | |
Federal Farm Credit Banks Funding Corp.(d) | ||||
SOFR + 0.040% 02/09/2024 | 5.350% | 2,900,000 | 2,899,932 | |
SOFR + 0.135% 09/05/2024 | 5.445% | 400,000 | 400,110 | |
SOFR + 0.200% 12/05/2024 | 5.510% | 483,000 | 483,630 | |
SOFR + 0.180% 03/07/2025 | 5.490% | 2,550,000 | 2,551,612 | |
Federal Farm Credit Banks Funding Corp. | ||||
11/18/2024 | 0.875% | 3,575,000 | 3,462,414 | |
Federal National Mortgage Association | ||||
10/15/2024 | 1.625% | 1,650,000 | 1,611,726 | |
Total U.S. Government & Agency Obligations (Cost $11,406,664) | 11,409,424 |
Money Market Funds 2.5% | ||
Shares | Value ($) | |
Columbia Short-Term Cash Fund, 5.541%(i),(j) | 28,161,652 | 28,156,019 |
Total Money Market Funds (Cost $28,151,166) | 28,156,019 | |
Total Investments in Securities (Cost: $1,107,819,849) | 1,106,879,303 | |
Other Assets & Liabilities, Net | (140,880 ) | |
Net Assets | 1,106,738,423 |
Short futures contracts | ||||||
Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
U.S. Treasury 2-Year Note | (1,085) | 03/2024 | USD | (223,137,031 ) | — | (1,946,979 ) |
(a) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At January 31, 2024, the total value of these securities amounted to $426,843,643, which represents 38.57% of total net assets. |
(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of January 31, 2024. |
(c) | Represents a security purchased on a when-issued basis. |
(d) | Variable rate security. The interest rate shown was the current rate as of January 31, 2024. |
(e) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of January 31, 2024. |
(f) | Principal and interest may not be guaranteed by a governmental entity. |
(g) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2024, the total value of these securities amounted to $1,099,999, which represents 0.10% of total net assets. |
(h) | Valuation based on significant unobservable inputs. |
(i) | The rate shown is the seven-day current annualized yield at January 31, 2024. |
(j) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended January 31, 2024 are as follows: |
Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
Columbia Short-Term Cash Fund, 5.541% | ||||||||
20,596,147 | 411,245,938 | (403,688,511 ) | 2,445 | 28,156,019 | 1,245 | 956,340 | 28,161,652 |
CMO | Collateralized Mortgage Obligation |
CMT | Constant Maturity Treasury |
SOFR | Secured Overnight Financing Rate |
USD | US Dollar |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Asset-Backed Securities — Non-Agency | — | 375,227,837 | — | 375,227,837 |
Commercial Mortgage-Backed Securities - Non-Agency | — | 32,938,057 | — | 32,938,057 |
Corporate Bonds & Notes | — | 530,812,347 | — | 530,812,347 |
Foreign Government Obligations | — | 10,992,394 | — | 10,992,394 |
Residential Mortgage-Backed Securities - Agency | — | 17,962 | — | 17,962 |
Residential Mortgage-Backed Securities - Non-Agency | — | 104,482,053 | 1,099,999 | 105,582,052 |
Treasury Bills | — | 11,743,211 | — | 11,743,211 |
U.S. Government & Agency Obligations | — | 11,409,424 | — | 11,409,424 |
Money Market Funds | 28,156,019 | — | — | 28,156,019 |
Total Investments in Securities | 28,156,019 | 1,077,623,285 | 1,099,999 | 1,106,879,303 |
Investments in Derivatives | ||||
Liability | ||||
Futures Contracts | (1,946,979 ) | — | — | (1,946,979 ) |
Total | 26,209,040 | 1,077,623,285 | 1,099,999 | 1,104,932,324 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $1,079,668,683) | $1,078,723,284 |
Affiliated issuers (cost $28,151,166) | 28,156,019 |
Margin deposits on: | |
Futures contracts | 1,247,750 |
Receivable for: | |
Investments sold | 5,533,245 |
Capital shares sold | 4,726,867 |
Dividends | 144,282 |
Interest | 5,268,043 |
Foreign tax reclaims | 42,277 |
Prepaid expenses | 17,838 |
Deferred compensation of board members | 190,758 |
Other assets | 32,623 |
Total assets | 1,124,082,986 |
Liabilities | |
Payable for: | |
Investments purchased | 4,301,300 |
Investments purchased on a delayed delivery basis | 5,202,686 |
Capital shares redeemed | 2,909,561 |
Distributions to shareholders | 4,089,808 |
Variation margin for futures contracts | 525,546 |
Management services fees | 6,343 |
Distribution and/or service fees | 1,284 |
Transfer agent fees | 41,054 |
Compensation of chief compliance officer | 119 |
Compensation of board members | 2,104 |
Other expenses | 15,817 |
Deferred compensation of board members | 248,941 |
Total liabilities | 17,344,563 |
Net assets applicable to outstanding capital stock | $1,106,738,423 |
Represented by | |
Paid in capital | 1,115,687,285 |
Total distributable earnings (loss) | (8,948,862 ) |
Total - representing net assets applicable to outstanding capital stock | $1,106,738,423 |
Class A | |
Net assets | $315,541,499 |
Shares outstanding | 34,390,776 |
Net asset value per share | $9.18 |
Advisor Class | |
Net assets | $56,507,004 |
Shares outstanding | 6,153,082 |
Net asset value per share | $9.18 |
Institutional Class | |
Net assets | $356,878,759 |
Shares outstanding | 38,863,825 |
Net asset value per share | $9.18 |
Institutional 3 Class | |
Net assets | $377,811,161 |
Shares outstanding | 41,126,270 |
Net asset value per share | $9.19 |
Net investment income | |
Income: | |
Dividends — affiliated issuers | $956,340 |
Interest | 25,678,384 |
Interfund lending | 407 |
Total income | 26,635,131 |
Expenses: | |
Management services fees | 1,253,450 |
Distribution and/or service fees | |
Class A | 247,196 |
Transfer agent fees | |
Class A | 106,816 |
Advisor Class | 21,159 |
Institutional Class | 119,981 |
Institutional 3 Class | 12,689 |
Custodian fees | 7,400 |
Printing and postage fees | 21,182 |
Registration fees | 50,064 |
Accounting services fees | 15,581 |
Legal fees | 14,113 |
Compensation of chief compliance officer | 119 |
Compensation of board members | 13,812 |
Deferred compensation of board members | 7,304 |
Other | 15,295 |
Total expenses | 1,906,161 |
Net investment income | 24,728,970 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (558,906 ) |
Investments — affiliated issuers | 1,245 |
Futures contracts | 4,605,656 |
Net realized gain | 4,047,995 |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 15,219,635 |
Investments — affiliated issuers | 2,445 |
Futures contracts | (5,669,712 ) |
Net change in unrealized appreciation (depreciation) | 9,552,368 |
Net realized and unrealized gain | 13,600,363 |
Net increase in net assets resulting from operations | $38,329,333 |
Six Months Ended January 31, 2024 (Unaudited) | Year Ended July 31, 2023 | |
Operations | ||
Net investment income | $24,728,970 | $55,534,596 |
Net realized gain (loss) | 4,047,995 | (3,827,414 ) |
Net change in unrealized appreciation (depreciation) | 9,552,368 | 33,109,876 |
Net increase in net assets resulting from operations | 38,329,333 | 84,817,058 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (6,820,433 ) | (13,378,409 ) |
Advisor Class | (1,390,374 ) | (2,440,261 ) |
Institutional Class | (7,952,974 ) | (12,749,678 ) |
Institutional 3 Class | (9,282,137 ) | (27,921,971 ) |
Total distributions to shareholders | (25,445,918 ) | (56,490,319 ) |
Decrease in net assets from capital stock activity | (221,146,835 ) | (1,521,631,205 ) |
Total decrease in net assets | (208,263,420 ) | (1,493,304,466 ) |
Net assets at beginning of period | 1,315,001,843 | 2,808,306,309 |
Net assets at end of period | $1,106,738,423 | $1,315,001,843 |
Six Months Ended | Year Ended | |||
January 31, 2024 (Unaudited) | July 31, 2023 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 5,453,439 | 49,746,759 | 15,457,815 | 138,623,929 |
Distributions reinvested | 747,193 | 6,817,259 | 1,485,766 | 13,363,745 |
Shares redeemed | (11,151,571 ) | (101,584,397 ) | (53,204,617 ) | (477,380,995 ) |
Net decrease | (4,950,939 ) | (45,020,379 ) | (36,261,036 ) | (325,393,321 ) |
Advisor Class | ||||
Shares sold | 3,321,903 | 30,297,891 | 13,111,839 | 117,943,975 |
Distributions reinvested | 152,202 | 1,389,734 | 270,253 | 2,438,382 |
Shares redeemed | (6,843,202 ) | (62,337,481 ) | (10,003,365 ) | (90,219,974 ) |
Net increase (decrease) | (3,369,097 ) | (30,649,856 ) | 3,378,727 | 30,162,383 |
Institutional Class | ||||
Shares sold | 9,624,179 | 87,759,549 | 35,573,330 | 319,242,062 |
Distributions reinvested | 866,969 | 7,917,890 | 1,406,108 | 12,666,384 |
Shares redeemed | (13,391,228 ) | (122,137,914 ) | (42,454,538 ) | (381,807,169 ) |
Net decrease | (2,900,080 ) | (26,460,475 ) | (5,475,100 ) | (49,898,723 ) |
Institutional 3 Class | ||||
Shares sold | 945,861 | 8,637,183 | 8,988,427 | 80,562,950 |
Distributions reinvested | 71,832 | 656,436 | 744,357 | 6,688,069 |
Shares redeemed | (14,073,895 ) | (128,309,744 ) | (140,614,701 ) | (1,263,752,563 ) |
Net decrease | (13,056,202 ) | (119,016,125 ) | (130,881,917 ) | (1,176,501,544 ) |
Total net decrease | (24,276,318 ) | (221,146,835 ) | (169,239,326 ) | (1,521,631,205 ) |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
Class A | ||||||
Six Months Ended 1/31/2024 (Unaudited) | $9.07 | 0.18 | 0.12 | 0.30 | (0.19 ) | (0.19 ) |
Year Ended 7/31/2023 | $8.93 | 0.24 | 0.15 | 0.39 | (0.25 ) | (0.25 ) |
Year Ended 7/31/2022 | $9.04 | 0.03 | (0.10 ) | (0.07 ) | (0.04 ) | (0.04 ) |
Year Ended 7/31/2021 | $9.05 | 0.05 | 0.00 (c) | 0.05 | (0.06 ) | (0.06 ) |
Year Ended 7/31/2020 | $9.03 | 0.16 | 0.03 | 0.19 | (0.17 ) | (0.17 ) |
Year Ended 7/31/2019(d) | $9.01 | 0.09 | 0.02 | 0.11 | (0.09 ) | (0.09 ) |
Advisor Class | ||||||
Six Months Ended 1/31/2024 (Unaudited) | $9.08 | 0.19 | 0.11 | 0.30 | (0.20 ) | (0.20 ) |
Year Ended 7/31/2023 | $8.94 | 0.28 | 0.13 | 0.41 | (0.27 ) | (0.27 ) |
Year Ended 7/31/2022 | $9.05 | 0.05 | (0.11 ) | (0.06 ) | (0.05 ) | (0.05 ) |
Year Ended 7/31/2021 | $9.06 | 0.06 | 0.00 (c) | 0.06 | (0.07 ) | (0.07 ) |
Year Ended 7/31/2020 | $9.04 | 0.16 | 0.05 | 0.21 | (0.19 ) | (0.19 ) |
Year Ended 7/31/2019(e) | $8.99 | 0.14 | 0.05 | 0.19 | (0.14 ) | (0.14 ) |
Institutional Class | ||||||
Six Months Ended 1/31/2024 (Unaudited) | $9.08 | 0.19 | 0.11 | 0.30 | (0.20 ) | (0.20 ) |
Year Ended 7/31/2023 | $8.94 | 0.26 | 0.15 | 0.41 | (0.27 ) | (0.27 ) |
Year Ended 7/31/2022 | $9.05 | 0.05 | (0.11 ) | (0.06 ) | (0.05 ) | (0.05 ) |
Year Ended 7/31/2021 | $9.06 | 0.06 | 0.00 (c) | 0.06 | (0.07 ) | (0.07 ) |
Year Ended 7/31/2020 | $9.04 | 0.17 | 0.04 | 0.21 | (0.19 ) | (0.19 ) |
Year Ended 7/31/2019(f) | $8.99 | 0.15 | 0.04 | 0.19 | (0.14 ) | (0.14 ) |
Institutional 3 Class | ||||||
Six Months Ended 1/31/2024 (Unaudited) | $9.09 | 0.19 | 0.11 | 0.30 | (0.20 ) | (0.20 ) |
Year Ended 7/31/2023 | $8.95 | 0.24 | 0.17 | 0.41 | (0.27 ) | (0.27 ) |
Year Ended 7/31/2022 | $9.05 | 0.05 | (0.09 ) | (0.04 ) | (0.06 ) | (0.06 ) |
Year Ended 7/31/2021 | $9.06 | 0.07 | 0.00 (c) | 0.07 | (0.08 ) | (0.08 ) |
Year Ended 7/31/2020 | $9.04 | 0.18 | 0.03 | 0.21 | (0.19 ) | (0.19 ) |
Year Ended 7/31/2019 | $9.00 | 0.22 | 0.04 | 0.26 | (0.22 ) | (0.22 ) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Rounds to zero. |
(d) | Class A shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
(e) | Advisor Class shares commenced operations on December 3, 2018. Per share data and total return reflect activity from that date. |
(f) | Institutional Class shares commenced operations on December 3, 2018. Per share data and total return reflect activity from that date. |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $9.18 | 3.34% | 0.45% | 0.45% | 4.03% | 36% | $315,541 |
Year Ended 7/31/2023 | $9.07 | 4.48% | 0.44% | 0.44% | 2.62% | 76% | $356,981 |
Year Ended 7/31/2022 | $8.93 | (0.80% ) | 0.42% | 0.42% | 0.38% | 76% | $675,383 |
Year Ended 7/31/2021 | $9.04 | 0.56% | 0.43% | 0.43% | 0.55% | 87% | $978,846 |
Year Ended 7/31/2020 | $9.05 | 2.17% | 0.43% | 0.43% | 1.79% | 100% | $446,211 |
Year Ended 7/31/2019(d) | $9.03 | 1.27% | 0.42% | 0.42% | 2.43% | 95% | $118,625 |
Advisor Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $9.18 | 3.31% | 0.30% | 0.30% | 4.16% | 36% | $56,507 |
Year Ended 7/31/2023 | $9.08 | 4.63% | 0.29% | 0.29% | 3.14% | 76% | $86,478 |
Year Ended 7/31/2022 | $8.94 | (0.65% ) | 0.27% | 0.27% | 0.61% | 76% | $54,946 |
Year Ended 7/31/2021 | $9.05 | 0.71% | 0.28% | 0.28% | 0.63% | 87% | $19,969 |
Year Ended 7/31/2020 | $9.06 | 2.32% | 0.27% | 0.27% | 1.81% | 100% | $2,522 |
Year Ended 7/31/2019(e) | $9.04 | 2.16% | 0.27% | 0.27% | 2.52% | 95% | $12 |
Institutional Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $9.18 | 3.31% | 0.30% | 0.30% | 4.18% | 36% | $356,879 |
Year Ended 7/31/2023 | $9.08 | 4.64% | 0.29% | 0.29% | 2.92% | 76% | $379,279 |
Year Ended 7/31/2022 | $8.94 | (0.65% ) | 0.27% | 0.27% | 0.56% | 76% | $422,413 |
Year Ended 7/31/2021 | $9.05 | 0.71% | 0.28% | 0.28% | 0.71% | 87% | $406,157 |
Year Ended 7/31/2020 | $9.06 | 2.32% | 0.28% | 0.28% | 1.94% | 100% | $221,636 |
Year Ended 7/31/2019(f) | $9.04 | 2.18% | 0.30% | 0.30% | 2.63% | 95% | $61,044 |
Institutional 3 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $9.19 | 3.34% | 0.24% | 0.24% | 4.22% | 36% | $377,811 |
Year Ended 7/31/2023 | $9.09 | 4.69% | 0.24% | 0.24% | 2.70% | 76% | $492,264 |
Year Ended 7/31/2022 | $8.95 | (0.50% ) | 0.23% | 0.23% | 0.57% | 76% | $1,655,564 |
Year Ended 7/31/2021 | $9.05 | 0.75% | 0.24% | 0.24% | 0.75% | 87% | $2,570,491 |
Year Ended 7/31/2020 | $9.06 | 2.35% | 0.25% | 0.25% | 2.00% | 100% | $1,568,020 |
Year Ended 7/31/2019 | $9.04 | 2.91% | 0.25% | 0.25% | 2.40% | 95% | $780,430 |
Liability derivatives | ||
Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 1,946,979 * |
* | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities. |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | 4,605,656 |
Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | (5,669,712 ) |
Derivative instrument | Average notional amounts ($) |
Futures contracts — short | 241,353,122 |
Effective rate (%) | |
Class A | 0.06 |
Advisor Class | 0.07 |
Institutional Class | 0.06 |
Institutional 3 Class | 0.01 |
December 1, 2023 through November 30, 2024 | Prior to December 1, 2023 | |
Class A | 0.47 % | 0.49 % |
Advisor Class | 0.32 | 0.34 |
Institutional Class | 0.32 | 0.34 |
Institutional 3 Class | 0.25 | 0.25 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
1,107,820,000 | 5,407,000 | (8,295,000 ) | (2,888,000 ) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) |
— | (6,319,172 ) | (6,319,172 ) |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Lender | 500,000 | 5.86 | 5 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Average annual total returns (%) (for the period ended January 31, 2024) | ||||||
Inception | 6 Months cumulative | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/21/78 | 3.31 | 3.34 | 1.40 | 2.55 |
Including sales charges | 0.22 | 0.22 | 0.78 | 2.24 | ||
Advisor Class | 03/19/13 | 3.41 | 3.55 | 1.62 | 2.77 | |
Class C | Excluding sales charges | 08/01/97 | 2.99 | 2.72 | 0.79 | 1.93 |
Including sales charges | 1.99 | 1.72 | 0.79 | 1.93 | ||
Institutional Class | 09/16/05 | 3.32 | 3.55 | 1.60 | 2.76 | |
Institutional 2 Class | 12/11/13 | 3.33 | 3.56 | 1.61 | 2.79 | |
Institutional 3 Class* | 03/01/17 | 3.44 | 3.61 | 1.68 | 2.74 | |
Bloomberg Municipal Bond Index | 2.70 | 2.90 | 2.00 | 2.78 |
Quality breakdown (%) (at January 31, 2024) | |
AAA rating | 6.6 |
AA rating | 21.6 |
A rating | 38.3 |
BBB rating | 16.8 |
BB rating | 4.2 |
Not rated | 12.5 |
Total | 100.0 |
Top Ten States/Territories (%) (at January 31, 2024) | |
Texas | 11.6 |
Illinois | 11.2 |
Pennsylvania | 9.7 |
New York | 7.5 |
California | 4.7 |
Colorado | 4.6 |
Michigan | 3.9 |
New Jersey | 3.8 |
Florida | 3.7 |
Puerto Rico | 2.6 |
August 1, 2023 — January 31, 2024 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,033.10 | 1,021.37 | 3.83 | 3.81 | 0.75 |
Advisor Class | 1,000.00 | 1,000.00 | 1,034.10 | 1,022.37 | 2.81 | 2.80 | 0.55 |
Class C | 1,000.00 | 1,000.00 | 1,029.90 | 1,018.35 | 6.89 | 6.85 | 1.35 |
Institutional Class | 1,000.00 | 1,000.00 | 1,033.20 | 1,022.37 | 2.81 | 2.80 | 0.55 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,033.30 | 1,022.42 | 2.76 | 2.75 | 0.54 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,034.40 | 1,022.67 | 2.51 | 2.49 | 0.49 |
Floating Rate Notes 0.1% | ||||
Issue Description | Yield | Principal Amount ($) | Value ($) | |
New York 0.1% | ||||
New York City Water & Sewer System(a),(b) | ||||
Revenue Bonds | ||||
2nd General Resolution | ||||
Series 2013 (JPMorgan Chase Bank) | ||||
06/15/2050 | 3.100% | 650,000 | 650,000 | |
Total Floating Rate Notes (Cost $650,000) | 650,000 | |||
Municipal Bonds 99.6% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Alabama 1.0% | ||||
Black Belt Energy Gas District | ||||
Refunding Revenue Bonds | ||||
Gas Project | ||||
Series 2023D-1 (Mandatory Put 02/01/29) | ||||
06/01/2049 | 5.500% | 3,200,000 | 3,427,132 | |
County of Jefferson Sewer | ||||
Refunding Revenue Bonds | ||||
Series 2024 | ||||
10/01/2053 | 5.500% | 7,500,000 | 8,300,397 | |
Southeast Energy Authority | ||||
Revenue Bonds | ||||
Project #4 | ||||
Series 2002B-1 (Mandatory Put 08/01/28) | ||||
05/01/2053 | 5.000% | 8,695,000 | 9,061,424 | |
Total | 20,788,953 | |||
Alaska 0.1% | ||||
Northern Tobacco Securitization Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2021A Class 1 | ||||
06/01/2050 | 4.000% | 2,500,000 | 2,337,418 | |
Arizona 1.8% | ||||
Arizona Industrial Development Authority | ||||
Revenue Bonds | ||||
Macombs Facility Project Social Bonds | ||||
Series 2021A | ||||
07/01/2051 | 4.000% | 850,000 | 745,113 | |
Social Bonds - Macombs Facility Project | ||||
Series 2021A | ||||
07/01/2061 | 4.000% | 2,500,000 | 2,113,388 | |
Industrial Development Authority of the County of Pima (The)(c) | ||||
Refunding Revenue Bonds | ||||
American Leadership Academy | ||||
Series 2022 | ||||
06/15/2051 | 4.000% | 1,300,000 | 995,166 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Industrial Development Authority of the County of Yavapai (The) | ||||
Refunding Revenue Bonds | ||||
Yavapai Regional Medical Center | ||||
Series 2019 | ||||
08/01/2038 | 4.000% | 1,000,000 | 995,987 | |
La Paz County Industrial Development Authority | ||||
Revenue Bonds | ||||
Charter School Solutions - Harmony Public Schools Project | ||||
Series 2018 | ||||
02/15/2038 | 5.000% | 825,000 | 837,061 | |
Salt River Project Agricultural Improvement & Power District | ||||
Revenue Bonds | ||||
Series 2023A | ||||
01/01/2050 | 5.000% | 22,500,000 | 24,810,979 | |
Salt Verde Financial Corp. | ||||
Revenue Bonds | ||||
Series 2007 | ||||
12/01/2032 | 5.000% | 7,170,000 | 7,665,924 | |
Total | 38,163,618 | |||
California 4.7% | ||||
California Community Choice Financing Authority | ||||
Revenue Bonds | ||||
Green Bonds - Clean Energy Project | ||||
Series 2023 (Mandatory Put 03/01/31) | ||||
02/01/2054 | 5.000% | 5,700,000 | 6,119,561 | |
California Community Choice Financing Authority(d) | ||||
Revenue Bonds | ||||
Green Bonds - Clean Energy Project | ||||
Series 2023 (Mandatory Put 11/01/30) | ||||
10/01/2054 | 5.500% | 3,500,000 | 3,853,723 | |
California Health Facilities Financing Authority | ||||
Refunding Revenue Bonds | ||||
Sutter Health | ||||
Series 2016B | ||||
11/15/2041 | 4.000% | 10,000,000 | 10,021,059 | |
Revenue Bonds | ||||
Kaiser Permanente | ||||
Subordinated Series 2017A-2 | ||||
11/01/2044 | 4.000% | 10,000,000 | 9,927,806 | |
California Municipal Finance Authority | ||||
Refunding Revenue Bonds | ||||
Community Medical Centers | ||||
Series 2017A | ||||
02/01/2036 | 5.000% | 1,500,000 | 1,560,189 | |
02/01/2037 | 5.000% | 1,000,000 | 1,036,008 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
California Municipal Finance Authority(c),(e),(f) | ||||
Revenue Bonds | ||||
UTS Renewable Energy-Waste Water Facilities | ||||
Series 2011 | ||||
12/01/2032 | 0.000% | 1,830,000 | 36,600 | |
California Public Finance Authority | ||||
Refunding Revenue Bonds | ||||
Sharp Healthcare | ||||
Series 2017A | ||||
08/01/2047 | 4.000% | 10,000,000 | 10,042,246 | |
California School Finance Authority(c) | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
River Springs Charter School Project | ||||
Series 2015 | ||||
07/01/2046 | 6.375% | 150,000 | 156,283 | |
California State Public Works Board | ||||
Revenue Bonds | ||||
Various Correctional Facilities | ||||
Series 2014A | ||||
09/01/2039 | 5.000% | 5,000,000 | 5,036,981 | |
California Statewide Communities Development Authority(c) | ||||
Revenue Bonds | ||||
California Baptist University | ||||
Series 2014A | ||||
11/01/2033 | 6.125% | 1,560,000 | 1,562,901 | |
11/01/2043 | 6.375% | 1,035,000 | 1,036,385 | |
Lancer Plaza Project | ||||
Series 2013 | ||||
11/01/2043 | 5.875% | 1,875,000 | 1,875,852 | |
California Statewide Communities Development Authority | ||||
Revenue Bonds | ||||
Loma Linda University Medical Center | ||||
Series 2014 | ||||
12/01/2044 | 5.250% | 3,500,000 | 3,506,066 | |
Castaic Lake Water Agency(g) | ||||
Certificate of Participation | ||||
Capital Appreciation - Water System Improvement Project | ||||
Series 1999 (AMBAC) | ||||
08/01/2024 | 0.000% | 9,445,000 | 9,300,947 | |
Golden State Tobacco Securitization Corp.(g) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2021B-2 | ||||
06/01/2066 | 0.000% | 10,000,000 | 1,157,231 | |
Golden State Tobacco Securitization Corp. | ||||
Refunding Revenue Bonds | ||||
Tobacco Settlement | ||||
Series 2022 | ||||
06/01/2051 | 5.000% | 3,000,000 | 3,140,184 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
San Diego County Regional Airport Authority(e) | ||||
Revenue Bonds | ||||
Private Activity | ||||
Series 2023 | ||||
07/01/2053 | 5.000% | 4,250,000 | 4,472,255 | |
07/01/2058 | 5.250% | 10,000,000 | 10,739,618 | |
San Francisco City & County Airport Commission - San Francisco International Airport(e) | ||||
Unrefunded Revenue Bonds | ||||
Series 2014A | ||||
05/01/2044 | 5.000% | 10,000,000 | 10,000,305 | |
State of California | ||||
Unlimited General Obligation Bonds | ||||
Series 2022 | ||||
09/01/2052 | 5.000% | 3,000,000 | 3,348,659 | |
Unrefunded Unlimited General Obligation Bonds | ||||
Series 2004 | ||||
04/01/2029 | 5.300% | 6,000 | 6,010 | |
West Contra Costa Unified School District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2001B (NPFGC) | ||||
08/01/2024 | 6.000% | 390,000 | 390,346 | |
Total | 98,327,215 | |||
Colorado 4.6% | ||||
City & County of Denver Airport System(e) | ||||
Refunding Revenue Bonds | ||||
Series 2022D | ||||
11/15/2053 | 5.000% | 3,000,000 | 3,148,184 | |
Subordinated Series 2018A | ||||
12/01/2048 | 4.000% | 11,500,000 | 10,838,229 | |
Revenue Bonds | ||||
Series 2022A | ||||
11/15/2047 | 5.000% | 3,750,000 | 3,966,206 | |
11/15/2053 | 5.500% | 2,400,000 | 2,625,703 | |
Colorado Bridge Enterprise(e) | ||||
Revenue Bonds | ||||
Central 70 Project | ||||
Series 2017 | ||||
06/30/2051 | 4.000% | 9,240,000 | 8,067,105 | |
Colorado Educational & Cultural Facilities Authority(c) | ||||
Improvement Refunding Revenue Bonds | ||||
Skyview Charter School | ||||
Series 2014 | ||||
07/01/2034 | 5.125% | 1,525,000 | 1,527,067 | |
07/01/2044 | 5.375% | 2,100,000 | 2,100,173 | |
07/01/2049 | 5.500% | 925,000 | 925,091 | |
Colorado Health Facilities Authority | ||||
Improvement Refunding Revenue Bonds | ||||
Bethesda Project | ||||
Series 2018 | ||||
09/15/2048 | 5.000% | 15,000,000 | 13,364,458 | |
09/15/2053 | 5.000% | 10,000,000 | 8,784,319 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Refunding Revenue Bonds | ||||
CommonSpirit Health | ||||
Series 2019A | ||||
08/01/2049 | 4.000% | 8,640,000 | 8,139,953 | |
Covenant Retirement Communities | ||||
Series 2015 | ||||
12/01/2035 | 5.000% | 3,800,000 | 3,824,894 | |
Intermountain Healthcare | ||||
Series 2022 | ||||
05/15/2052 | 5.000% | 9,000,000 | 9,614,841 | |
Revenue Bonds | ||||
CommonSpirit Health Obligation Group | ||||
Series 2022 | ||||
11/01/2052 | 5.250% | 4,000,000 | 4,237,844 | |
NJH-SJH Center for Outpatient Health | ||||
Series 2019 | ||||
01/01/2050 | 4.000% | 15,105,000 | 14,176,015 | |
Fiddlers Business Improvement District(c) | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2022 | ||||
12/01/2047 | 5.550% | 800,000 | 814,185 | |
Total | 96,154,267 | |||
Connecticut 0.1% | ||||
Connecticut State Health & Educational Facilities Authority(c) | ||||
Revenue Bonds | ||||
Church Home of Hartford, Inc. | ||||
Series 2016 | ||||
09/01/2046 | 5.000% | 1,250,000 | 1,068,943 | |
District of Columbia 1.1% | ||||
District of Columbia | ||||
Refunding Revenue Bonds | ||||
Friendship Public Charter School | ||||
Series 2016 | ||||
06/01/2046 | 5.000% | 1,385,000 | 1,356,207 | |
Revenue Bonds | ||||
KIPP DC Project | ||||
Series 2019 | ||||
07/01/2044 | 4.000% | 1,240,000 | 1,150,638 | |
Unlimited General Obligation Bonds | ||||
Series 2023A | ||||
01/01/2045 | 5.000% | 4,000,000 | 4,495,214 | |
01/01/2048 | 5.250% | 5,000,000 | 5,644,747 | |
Metropolitan Washington Airports Authority(e) | ||||
Refunding Revenue Bonds | ||||
Series 2023A | ||||
10/01/2048 | 5.250% | 3,000,000 | 3,248,772 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Metropolitan Washington Airports Authority Dulles Toll Road | ||||
Refunding Revenue Bonds | ||||
Dulles Metrorail | ||||
Subordinated Series 2019 | ||||
10/01/2049 | 4.000% | 7,950,000 | 7,399,766 | |
Total | 23,295,344 | |||
Florida 3.7% | ||||
Capital Trust Agency, Inc.(c) | ||||
04/27/2021 | ||||
07/01/2056 | 5.000% | 2,625,000 | 2,347,556 | |
Capital Trust Agency, Inc.(c),(f) | ||||
Revenue Bonds | ||||
1st Mortgage Tallahassee Tapestry Senior Housing Project | ||||
Series 2015 | ||||
12/01/2045 | 0.000% | 3,760,000 | 1,231,400 | |
12/01/2050 | 0.000% | 1,000,000 | 327,500 | |
Capital Trust Agency, Inc.(c),(g) | ||||
Revenue Bonds | ||||
WFCS Portfolio Project | ||||
Subordinated Series 2021 | ||||
01/01/2061 | 0.000% | 5,600,000 | 270,478 | |
Capital Trust Authority(c) | ||||
Revenue Bonds | ||||
IPS Enterprises, Inc. | ||||
Series 2023A | ||||
06/15/2053 | 6.250% | 4,000,000 | 4,108,505 | |
City of Atlantic Beach | ||||
Revenue Bonds | ||||
Fleet Landing Project | ||||
Series 2018 | ||||
11/15/2048 | 5.000% | 2,500,000 | 2,410,349 | |
County of Broward Airport System(e) | ||||
Revenue Bonds | ||||
Series 2015A | ||||
10/01/2045 | 5.000% | 14,000,000 | 14,016,002 | |
County of Miami-Dade Aviation(e) | ||||
Refunding Revenue Bonds | ||||
Series 2014A | ||||
10/01/2033 | 5.000% | 3,000,000 | 3,009,918 | |
County of Osceola Transportation(g) | ||||
Refunding Revenue Bonds | ||||
Series 2020A-2 | ||||
10/01/2040 | 0.000% | 4,650,000 | 2,054,593 | |
10/01/2041 | 0.000% | 2,500,000 | 1,042,043 | |
10/01/2042 | 0.000% | 3,250,000 | 1,269,613 | |
10/01/2043 | 0.000% | 2,750,000 | 1,015,241 | |
10/01/2044 | 0.000% | 3,000,000 | 1,040,562 | |
10/01/2046 | 0.000% | 3,000,000 | 922,831 | |
10/01/2048 | 0.000% | 4,000,000 | 1,090,372 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Florida Development Finance Corp.(c) | ||||
Revenue Bonds | ||||
Renaissance Charter School, Inc. Projects | ||||
Series 2015 | ||||
06/15/2035 | 6.000% | 4,000,000 | 4,049,389 | |
Florida Housing Finance Corp. | ||||
Revenue Bonds | ||||
Series 2018 (GNMA) | ||||
07/01/2043 | 3.800% | 1,395,000 | 1,340,474 | |
Hillsborough County Aviation Authority(e) | ||||
Revenue Bonds | ||||
Tampa International Airport | ||||
Series 2022 | ||||
10/01/2052 | 4.000% | 2,645,000 | 2,479,658 | |
Subordinated Series 2018 | ||||
10/01/2048 | 5.000% | 5,550,000 | 5,678,777 | |
Mid-Bay Bridge Authority | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
10/01/2035 | 5.000% | 3,765,000 | 3,826,712 | |
Palm Beach County Health Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Toby & Leon Cooperman Sinai | ||||
Series 2022 | ||||
06/01/2041 | 4.000% | 1,000,000 | 838,661 | |
Polk County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Carpenter’s Home Estates | ||||
Series 2019 | ||||
01/01/2039 | 5.000% | 1,700,000 | 1,656,344 | |
Putnam County Development Authority | ||||
Refunding Revenue Bonds | ||||
Seminole Project | ||||
Series 2018A | ||||
03/15/2042 | 5.000% | 6,665,000 | 6,952,055 | |
Sarasota County Public Hospital District | ||||
Refunding Revenue Bonds | ||||
Sarasota Memorial Hospital | ||||
Series 1998B (NPFGC) | ||||
07/01/2028 | 5.500% | 1,980,000 | 2,097,856 | |
Seminole County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Legacy Pointe at UCF Project | ||||
Series 2019 | ||||
11/15/2049 | 5.500% | 4,200,000 | 3,278,744 | |
Tampa Sports Authority | ||||
Sales Tax Revenue Bonds | ||||
Tampa Bay Arena Project | ||||
Series 1995 (NPFGC) | ||||
10/01/2025 | 5.750% | 1,090,000 | 1,118,373 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Tampa-Hillsborough County Expressway Authority | ||||
Refunding Revenue Bonds | ||||
Series 2017B | ||||
07/01/2042 | 4.000% | 7,785,000 | 7,658,959 | |
Total | 77,132,965 | |||
Georgia 2.4% | ||||
Atlanta Urban Residential Finance Authority | ||||
Revenue Bonds | ||||
GE Tower Apartments | ||||
Series 2023B (Mandatory Put 06/01/25) | ||||
05/31/2027 | 5.750% | 4,000,000 | 3,995,328 | |
Fulton County Residential Care Facilities for the Elderly Authority | ||||
Refunding Revenue Bonds | ||||
Lenbrook Square Foundation, Inc. | ||||
Series 2016 | ||||
07/01/2036 | 5.000% | 3,500,000 | 3,480,661 | |
Georgia State Road & Tollway Authority(c),(g) | ||||
Revenue Bonds | ||||
I-75 S Express Lanes Project | ||||
Series 2014 Escrowed to Maturity | ||||
06/01/2024 | 0.000% | 130,000 | 128,548 | |
Main Street Natural Gas, Inc. | ||||
Revenue Bonds | ||||
Series 2022B (Mandatory Put 06/01/29) | ||||
12/01/2052 | 5.000% | 5,000,000 | 5,250,201 | |
Series 2023A (Mandatory Put 06/01/30) | ||||
06/01/2053 | 5.000% | 18,300,000 | 19,339,682 | |
Series 2023C (Mandatory Put 09/01/30) | ||||
09/01/2053 | 5.000% | 4,500,000 | 4,786,325 | |
Municipal Electric Authority of Georgia | ||||
Revenue Bonds | ||||
Plant Vogtle Units 3&4 Project | ||||
Series 2022 | ||||
07/01/2063 | 5.500% | 5,300,000 | 5,615,661 | |
Series 2022 (AGM) | ||||
07/01/2052 | 5.000% | 5,300,000 | 5,515,764 | |
Oconee County Industrial Development Authority | ||||
Revenue Bonds | ||||
Presbyterian Village Athens Project | ||||
Series 2018 | ||||
12/01/2048 | 6.250% | 2,945,000 | 2,571,277 | |
Total | 50,683,447 | |||
Idaho 1.0% | ||||
Idaho Health Facilities Authority | ||||
Refunding Revenue Bonds | ||||
St. Luke’s Health System Project | ||||
Series 2018 | ||||
03/01/2038 | 4.000% | 3,650,000 | 3,595,113 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2021 | ||||
03/01/2040 | 4.000% | 810,000 | 794,654 | |
03/01/2041 | 4.000% | 750,000 | 728,506 | |
03/01/2051 | 4.000% | 2,000,000 | 1,860,043 | |
Revenue Bonds | ||||
Taxable - Terraces of Boise Project | ||||
Series 2021 | ||||
10/01/2039 | 4.250% | 9,135,000 | 6,925,893 | |
Terraces of Boise Project | ||||
Series 2021 | ||||
10/01/2050 | 4.500% | 10,000,000 | 6,961,143 | |
Total | 20,865,352 | |||
Illinois 11.1% | ||||
Chicago Board of Education(c) | ||||
Unlimited General Obligation Bonds | ||||
Dedicated | ||||
Series 2017A | ||||
12/01/2046 | 7.000% | 10,765,000 | 11,678,255 | |
Chicago Board of Education | ||||
Unlimited General Obligation Bonds | ||||
Series 2018 | ||||
12/01/2046 | 5.000% | 5,000,000 | 5,008,156 | |
Series 2022A | ||||
12/01/2047 | 5.000% | 4,875,000 | 4,890,363 | |
Chicago Midway International Airport(e) | ||||
Prerefunded 04/03/24 Revenue Bonds | ||||
2nd Lien | ||||
Series 2014A | ||||
12/31/2040 | 5.000% | 10,000,000 | 10,028,160 | |
Chicago O’Hare International Airport(e) | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2018A | ||||
01/01/2048 | 5.000% | 7,455,000 | 7,587,069 | |
Revenue Bonds | ||||
General Senior Lien | ||||
Series 2017D | ||||
01/01/2052 | 5.000% | 4,620,000 | 4,657,780 | |
Senior Lien | ||||
Series 2022 | ||||
01/01/2048 | 4.500% | 3,000,000 | 3,010,113 | |
01/01/2055 | 5.000% | 11,250,000 | 11,630,912 | |
Series 2015C | ||||
01/01/2046 | 5.000% | 12,525,000 | 12,533,606 | |
TriPs Obligated Group | ||||
Series 2018 | ||||
07/01/2048 | 5.000% | 2,400,000 | 2,410,053 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Chicago O’Hare International Airport | ||||
Revenue Bonds | ||||
Series 2015D | ||||
01/01/2046 | 5.000% | 7,310,000 | 7,348,112 | |
City of Chicago Wastewater Transmission | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Series 2015C | ||||
01/01/2034 | 5.000% | 1,250,000 | 1,267,349 | |
01/01/2039 | 5.000% | 2,970,000 | 2,989,335 | |
City of Chicago Waterworks | ||||
Revenue Bonds | ||||
2nd Lien | ||||
Series 2014 | ||||
11/01/2039 | 5.000% | 2,000,000 | 2,013,988 | |
11/01/2044 | 5.000% | 2,850,000 | 2,865,445 | |
Cook County Community College District No. 508 | ||||
Unlimited General Obligation Bonds | ||||
Chicago City Colleges | ||||
Series 2017 (BAM) | ||||
12/01/2047 | 5.000% | 9,400,000 | 9,700,810 | |
Illinois Finance Authority | ||||
Refunding Revenue Bonds | ||||
Northshore University Health System | ||||
Series 2020A | ||||
08/15/2040 | 4.000% | 1,750,000 | 1,765,690 | |
Silver Cross Hospital & Medical Centers | ||||
Series 2015C | ||||
08/15/2044 | 5.000% | 6,400,000 | 6,482,689 | |
Illinois Housing Development Authority | ||||
Revenue Bonds | ||||
Series 2019D (GNMA) | ||||
10/01/2039 | 2.950% | 515,000 | 475,421 | |
Illinois State Toll Highway Authority | ||||
Revenue Bonds | ||||
Series 2019A | ||||
01/01/2044 | 4.000% | 5,000,000 | 4,992,331 | |
Metropolitan Pier & Exposition Authority(g) | ||||
Refunding Revenue Bonds | ||||
McCormick Place Expansion | ||||
Series 2022 | ||||
12/15/2039 | 0.000% | 3,000,000 | 1,539,466 | |
12/15/2040 | 0.000% | 3,050,000 | 1,479,223 | |
12/15/2041 | 0.000% | 2,200,000 | 1,004,917 | |
McCormick Place Expansion Project | ||||
Series 2012 (BAM) | ||||
12/15/2051 | 0.000% | 19,000,000 | 5,113,964 | |
Metropolitan Pier & Exposition Authority | ||||
Refunding Revenue Bonds | ||||
McCormick Place Expansion | ||||
Series 2022 | ||||
06/15/2052 | 4.000% | 3,000,000 | 2,747,453 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
McCormick Place Expansion Project | ||||
Series 2020 | ||||
06/15/2050 | 4.000% | 2,400,000 | 2,219,744 | |
Metropolitan Water Reclamation District of Greater Chicago | ||||
Limited General Obligation Refunding Bonds | ||||
Series 2007C | ||||
12/01/2033 | 5.250% | 13,210,000 | 16,175,003 | |
Regional Transportation Authority | ||||
Revenue Bonds | ||||
Series 2002A (NPFGC) | ||||
07/01/2031 | 6.000% | 5,400,000 | 6,580,898 | |
State of Illinois | ||||
Unlimited General Obligation Bonds | ||||
1st Series 2001 (NPFGC) | ||||
11/01/2026 | 6.000% | 2,205,000 | 2,279,213 | |
Rebuild Illinois Program | ||||
Series 2019B | ||||
11/01/2039 | 4.000% | 7,580,000 | 7,570,837 | |
Series 2019C | ||||
11/01/2042 | 4.000% | 9,925,000 | 9,688,107 | |
11/01/2043 | 4.000% | 3,000,000 | 2,900,758 | |
11/01/2044 | 4.000% | 2,000,000 | 1,920,639 | |
Series 2014 | ||||
02/01/2039 | 5.000% | 15,000,000 | 15,007,411 | |
Series 2016 | ||||
11/01/2030 | 5.000% | 5,975,000 | 6,242,702 | |
Series 2020 | ||||
05/01/2039 | 5.500% | 2,705,000 | 2,999,191 | |
Series 2020C | ||||
05/01/2024 | 5.500% | 1,000,000 | 1,004,783 | |
Series 2022A | ||||
03/01/2047 | 5.500% | 19,000,000 | 20,949,083 | |
Series 2023B | ||||
05/01/2047 | 5.500% | 1,750,000 | 1,931,644 | |
05/01/2048 | 4.500% | 600,000 | 602,003 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2018-A | ||||
10/01/2033 | 5.000% | 6,000,000 | 6,441,280 | |
State of Illinois Sales Tax(h) | ||||
Revenue Bonds | ||||
Junior Obligation | ||||
Series 2024C | ||||
06/15/2042 | 5.000% | 3,000,000 | 3,333,063 | |
Total | 233,067,019 | |||
Indiana 0.3% | ||||
Indiana Housing & Community Development Authority | ||||
Refunding Revenue Bonds | ||||
Series 2020B-1 (GNMA) | ||||
07/01/2039 | 2.050% | 110,000 | 92,011 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Indiana Housing & Community Development Authority(h) | ||||
Revenue Bonds | ||||
Sustainable Bonds | ||||
Series 2024A-1 (GNMA) | ||||
07/01/2054 | 4.750% | 5,000,000 | 5,008,200 | |
Indianapolis Local Public Improvement Bond Bank | ||||
Revenue Bonds | ||||
Convention Center Hotel | ||||
Series 2023 | ||||
03/01/2053 | 6.000% | 835,000 | 902,423 | |
Total | 6,002,634 | |||
Iowa 1.2% | ||||
Iowa Finance Authority | ||||
Refunding Revenue Bonds | ||||
Iowa Fertilizer Co. Project | ||||
Series 2022 | ||||
12/01/2050 | 5.000% | 5,000,000 | 5,224,707 | |
Lifespace Communities, Inc. | ||||
Series 2021 | ||||
05/15/2046 | 4.000% | 6,890,000 | 4,673,667 | |
05/15/2053 | 4.000% | 12,790,000 | 7,983,011 | |
Revenue Bonds | ||||
Lifespace Communities, Inc. | ||||
Series 2018A | ||||
05/15/2048 | 5.000% | 9,275,000 | 7,193,773 | |
Total | 25,075,158 | |||
Kentucky 0.8% | ||||
Kentucky Economic Development Finance Authority | ||||
Refunding Revenue Bonds | ||||
Owensboro Health System | ||||
Series 2017A | ||||
06/01/2041 | 5.000% | 1,750,000 | 1,771,100 | |
Kentucky Municipal Power Agency | ||||
Refunding Revenue Bonds | ||||
Series 2015A | ||||
09/01/2042 | 5.000% | 6,600,000 | 6,622,675 | |
Kentucky Public Energy Authority | ||||
Refunding Revenue Bonds | ||||
Series 2023A-1 (Mandatory Put 02/01/32) | ||||
03/31/2054 | 5.250% | 8,500,000 | 9,232,262 | |
Total | 17,626,037 | |||
Louisiana 2.3% | ||||
Louisiana Public Facilities Authority | ||||
Prerefunded 05/15/26 Revenue Bonds | ||||
Ochsner Clinic Foundation Project | ||||
Series 2016 | ||||
05/15/2035 | 4.000% | 25,000 | 25,573 | |
05/15/2041 | 4.000% | 25,000 | 25,573 | |
05/15/2047 | 5.000% | 15,000 | 15,673 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Refunding Revenue Bonds | ||||
Ochsner Clinic Foundation Project | ||||
Series 2017 | ||||
05/15/2036 | 5.000% | 1,750,000 | 1,826,588 | |
Revenue Bonds | ||||
Provident Group - Flagship Properties | ||||
Series 2017 | ||||
07/01/2052 | 5.000% | 1,600,000 | 1,626,770 | |
Louisiana Public Facilities Authority(e) | ||||
Revenue Bonds | ||||
Impala Warehousing LLC Project | ||||
Series 2013 | ||||
07/01/2036 | 6.500% | 16,695,000 | 16,699,104 | |
New Orleans Aviation Board(e) | ||||
Revenue Bonds | ||||
General Airport-North Terminal | ||||
Series 2017B | ||||
01/01/2048 | 5.000% | 3,725,000 | 3,757,750 | |
Series 2015B | ||||
01/01/2045 | 5.000% | 21,150,000 | 21,163,398 | |
Parish of St. James(c) | ||||
Revenue Bonds | ||||
Nustar Logistics LP Project | ||||
Series 2011 (Mandatory Put 06/01/25) | ||||
08/01/2041 | 5.850% | 2,500,000 | 2,549,421 | |
Total | 47,689,850 | |||
Maryland 0.9% | ||||
Maryland Community Development Administration | ||||
Refunding Revenue Bonds | ||||
Series 2019B | ||||
09/01/2034 | 3.000% | 3,000,000 | 2,819,285 | |
Revenue Bonds | ||||
Series 2019C | ||||
09/01/2034 | 2.700% | 4,000,000 | 3,558,644 | |
Maryland Economic Development Corp.(e) | ||||
Revenue Bonds | ||||
Green Bonds - Purple Line Light Rail Project | ||||
Series 2022 | ||||
06/30/2055 | 5.250% | 3,000,000 | 3,072,283 | |
Maryland Economic Development Corp. | ||||
Tax Allocation Bonds | ||||
Port Covington Project | ||||
Series 2020 | ||||
09/01/2040 | 4.000% | 875,000 | 811,533 | |
Maryland Health & Higher Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Mercy Medical Center | ||||
Series 2016A | ||||
07/01/2042 | 4.000% | 5,250,000 | 4,949,220 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Meritus Medical Center Issue | ||||
Series 2015 | ||||
07/01/2045 | 5.000% | 3,000,000 | 3,021,364 | |
Total | 18,232,329 | |||
Massachusetts 1.2% | ||||
Commonwealth of Massachusetts | ||||
Refunding Revenue Bonds | ||||
Series 2005 (NPFGC) | ||||
01/01/2030 | 5.500% | 2,500,000 | 2,892,960 | |
Massachusetts Bay Transportation Authority | ||||
Revenue Bonds | ||||
Series 2008B | ||||
07/01/2027 | 5.250% | 710,000 | 774,232 | |
Massachusetts Clean Water Trust (The) | ||||
Refunding Revenue Bonds | ||||
Pool Program | ||||
Series 2006 | ||||
08/01/2030 | 5.250% | 1,000,000 | 1,172,222 | |
Massachusetts Development Finance Agency(f) | ||||
Revenue Bonds | ||||
Adventcare Project | ||||
Series 2007A | ||||
10/15/2028 | 0.000% | 3,825,474 | 38,255 | |
Massachusetts Development Finance Agency | ||||
Revenue Bonds | ||||
UMass Boston Student Housing Project | ||||
Series 2016 | ||||
10/01/2048 | 5.000% | 6,360,000 | 6,341,686 | |
WGBH Educational Foundation | ||||
Series 2002A (AMBAC) | ||||
01/01/2042 | 5.750% | 2,000,000 | 2,512,544 | |
Massachusetts Health & Educational Facilities Authority | ||||
Revenue Bonds | ||||
Tufts University | ||||
Series 2009M | ||||
02/15/2028 | 5.500% | 1,000,000 | 1,110,823 | |
Massachusetts Housing Finance Agency | ||||
Revenue Bonds | ||||
Special Obligations | ||||
Series 2017D | ||||
12/01/2047 | 3.850% | 10,000,000 | 9,169,797 | |
Massachusetts Port Authority(e) | ||||
Refunding Revenue Bonds | ||||
BosFuel Project | ||||
Series 2019A | ||||
07/01/2044 | 4.000% | 1,500,000 | 1,446,082 | |
Total | 25,458,601 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Michigan 3.8% | ||||
Michigan Finance Authority | ||||
Prerefunded 12/01/29 Revenue Bonds | ||||
Trinity Health Group | ||||
Series 2019 | ||||
12/01/2040 | 4.000% | 380,000 | 411,204 | |
Refunding Revenue Bonds | ||||
Henry Ford Health System | ||||
Series 2016 | ||||
11/15/2046 | 4.000% | 9,420,000 | 8,871,708 | |
Senior Lien - Great Lakes Water Authority | ||||
Series 2014C-6 | ||||
07/01/2033 | 5.000% | 1,070,000 | 1,076,912 | |
Revenue Bonds | ||||
CHE Trinity Health | ||||
Series 2019 | ||||
12/01/2040 | 4.000% | 5,620,000 | 5,634,565 | |
Henry Ford Health System | ||||
Series 2019A | ||||
11/15/2050 | 4.000% | 4,400,000 | 4,052,480 | |
Michigan State Housing Development Authority | ||||
Revenue Bonds | ||||
Series 2018A | ||||
10/01/2048 | 4.050% | 5,000,000 | 4,874,677 | |
Social Bonds | ||||
Series 2023A | ||||
12/01/2048 | 4.900% | 6,000,000 | 6,098,288 | |
Michigan Strategic Fund(e) | ||||
Revenue Bonds | ||||
I-75 Improvement Project | ||||
Series 2018 | ||||
12/31/2043 | 5.000% | 8,000,000 | 8,197,815 | |
06/30/2048 | 5.000% | 3,000,000 | 3,062,405 | |
Paw Paw Public Schools | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 1998 (NPFGC) (Qualified School Board Loan Fund) | ||||
05/01/2025 | 5.000% | 505,000 | 512,286 | |
St. John’s Public Schools | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 1998 (NPFGC) (Qualified School Bond Loan Fund) | ||||
05/01/2025 | 5.100% | 890,000 | 903,691 | |
State of Michigan | ||||
Revenue Bonds | ||||
Rebuilding Michigan Program | ||||
Series 2023 | ||||
11/15/2049 | 5.250% | 20,000,000 | 22,780,196 | |
Wayne County Airport Authority(e) | ||||
Refunding Revenue Bonds | ||||
Series 2015F | ||||
12/01/2033 | 5.000% | 11,495,000 | 11,705,093 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Wayne County Airport Authority | ||||
Revenue Bonds | ||||
Series 2015D | ||||
12/01/2045 | 5.000% | 1,945,000 | 1,966,443 | |
Williamston Community School District | ||||
Unlimited General Obligation Bonds | ||||
Series 1996 (NPFGC) (Qualified School Bond Loan Fund) | ||||
05/01/2025 | 5.500% | 205,000 | 208,753 | |
Total | 80,356,516 | |||
Minnesota 1.3% | ||||
City of Minneapolis | ||||
Revenue Bonds | ||||
Fairview Health Services | ||||
Series 2018A | ||||
11/15/2048 | 4.000% | 5,000,000 | 4,488,965 | |
City of Wayzata | ||||
Refunding Revenue Bonds | ||||
Folkstone Senior Living Co. | ||||
Series 2019 | ||||
08/01/2049 | 5.000% | 1,000,000 | 988,633 | |
Southern Minnesota Municipal Power Agency(g) | ||||
Revenue Bonds | ||||
Capital Appreciation | ||||
Series 1994A (NPFGC) | ||||
01/01/2025 | 0.000% | 17,500,000 | 16,904,233 | |
St. Cloud Housing & Redevelopment Authority(d) | ||||
Revenue Bonds | ||||
Sanctuary St. Cloud Project | ||||
Series 2016A | ||||
08/01/2036 | 3.806% | 7,110,000 | 5,620,646 | |
Total | 28,002,477 | |||
Missouri 2.2% | ||||
Health & Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Mosaic Health System | ||||
Series 2019 | ||||
02/15/2049 | 4.000% | 3,200,000 | 3,112,888 | |
Health & Educational Facilities Authority of the State of Missouri | ||||
Revenue Bonds | ||||
Lutheran Senior Services | ||||
Series 2014 | ||||
02/01/2035 | 5.000% | 7,350,000 | 7,350,174 | |
02/01/2044 | 5.000% | 12,725,000 | 12,197,205 | |
Kansas City Industrial Development Authority(e) | ||||
Revenue Bonds | ||||
Kansas City International Airport | ||||
Series 2020A | ||||
03/01/2045 | 4.000% | 6,000,000 | 5,709,259 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Kirkwood Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Aberdeen Heights Project | ||||
Series 2017 | ||||
05/15/2037 | 5.250% | 2,205,000 | 1,898,457 | |
05/15/2042 | 5.250% | 2,290,000 | 1,865,708 | |
Missouri Housing Development Commission | ||||
Revenue Bonds | ||||
First Place Homeownership Loan Program | ||||
Series 2020A (GNMA) | ||||
11/01/2040 | 2.550% | 1,280,000 | 1,054,092 | |
11/01/2045 | 2.700% | 1,040,000 | 801,944 | |
Missouri Joint Municipal Electric Utility Commission | ||||
Refunding Revenue Bonds | ||||
Series 2016A | ||||
12/01/2041 | 4.000% | 10,000,000 | 9,999,559 | |
St. Louis County Industrial Development Authority | ||||
Revenue Bonds | ||||
Friendship Village Sunset Hills | ||||
Series 2013A | ||||
09/01/2033 | 5.500% | 2,750,000 | 2,751,580 | |
Total | 46,740,866 | |||
Nebraska 2.3% | ||||
Central Plains Energy Project | ||||
Revenue Bonds | ||||
Gas Project No. 5 Series | ||||
Series 2022-1 (Mandatory Put 10/01/29) | ||||
05/01/2053 | 5.000% | 5,400,000 | 5,670,539 | |
Douglas County Hospital Authority No. 2 | ||||
Revenue Bonds | ||||
Madonna Rehabilitation Hospital | ||||
Series 2014 | ||||
05/15/2036 | 5.000% | 1,000,000 | 1,002,616 | |
05/15/2044 | 5.000% | 6,400,000 | 6,413,749 | |
Douglas County Hospital Authority No. 3 | ||||
Refunding Revenue Bonds | ||||
Health Facilities - Nebraska Methodist Health System | ||||
Series 2015 | ||||
11/01/2045 | 5.000% | 7,500,000 | 7,621,552 | |
Nebraska Educational Health Cultural & Social Services Finance Authority | ||||
Refunding Revenue Bonds | ||||
Immanuel Obligated Group | ||||
Series 2019 | ||||
01/01/2044 | 4.000% | 7,500,000 | 7,336,532 | |
01/01/2049 | 4.000% | 20,595,000 | 19,587,925 | |
Nebraska Investment Finance Authority | ||||
Revenue Bonds | ||||
Series 2019D | ||||
09/01/2042 | 3.050% | 260,000 | 222,888 | |
Total | 47,855,801 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Nevada 0.4% | ||||
City of Carson City | ||||
Refunding Revenue Bonds | ||||
Carson Tahoe Regional Medical Center | ||||
Series 2017 | ||||
09/01/2042 | 5.000% | 1,120,000 | 1,143,974 | |
Revenue Bonds | ||||
Carson Tahoe Regional Medical Center | ||||
Series 2017 | ||||
09/01/2047 | 5.000% | 2,320,000 | 2,351,927 | |
State of Nevada Department of Business & Industry(c) | ||||
Revenue Bonds | ||||
Somerset Academy | ||||
Series 2015A | ||||
12/15/2035 | 5.000% | 1,025,000 | 1,027,657 | |
Series 2018A | ||||
12/15/2038 | 5.000% | 835,000 | 818,649 | |
12/15/2048 | 5.000% | 2,000,000 | 1,837,305 | |
Total | 7,179,512 | |||
New Hampshire 0.5% | ||||
New Hampshire Business Finance Authority | ||||
Revenue Bonds | ||||
Municipal Certificates | ||||
Series 2020A-1 | ||||
01/20/2034 | 4.125% | 9,211,495 | 9,021,868 | |
New Hampshire Business Finance Authority(c) | ||||
Revenue Bonds | ||||
The Vista Project | ||||
Series 2019A | ||||
07/01/2039 | 5.250% | 1,550,000 | 1,431,125 | |
New Hampshire Health & Education Facilities Authority Act(f) | ||||
Revenue Bonds | ||||
Hillside Village | ||||
Series 2017A | ||||
07/01/2037 | 0.000% | 1,413,552 | 28,271 | |
07/01/2042 | 0.000% | 807,744 | 16,155 | |
Total | 10,497,419 | |||
New Jersey 3.8% | ||||
City of Newark Mass Transit Access Tax | ||||
Revenue Bonds | ||||
Mulberry Pedestrian Bridge Redevelopment Project | ||||
Series 2022 (AGM) | ||||
11/15/2062 | 6.000% | 2,000,000 | 2,313,573 | |
Middlesex County Improvement Authority(f) | ||||
Revenue Bonds | ||||
Heldrich Center Hotel | ||||
Series 2005C | ||||
01/01/2037 | 0.000% | 1,500,000 | 15 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
New Jersey Economic Development Authority | ||||
Prerefunded 06/15/25 Revenue Bonds | ||||
Series 2015WW | ||||
06/15/2040 | 5.250% | 2,600,000 | 2,680,967 | |
Prerefunded 06/15/27 Revenue Bonds | ||||
Series 2017DDD | ||||
06/15/2042 | 5.000% | 1,250,000 | 1,343,009 | |
Refunding Revenue Bonds | ||||
School Facilities Construction | ||||
Series 2005N-1 (AGM) | ||||
09/01/2025 | 5.500% | 11,500,000 | 11,966,570 | |
Series 2005N-1 (NPFGC) | ||||
09/01/2027 | 5.500% | 5,000,000 | 5,440,907 | |
Subordinated Series 2017A | ||||
07/01/2034 | 4.000% | 1,750,000 | 1,769,383 | |
Revenue Bonds | ||||
Portal North Bridge Project | ||||
Series 2022 | ||||
11/01/2052 | 5.000% | 16,250,000 | 17,345,819 | |
New Jersey Housing & Mortgage Finance Agency | ||||
Refunding Revenue Bonds | ||||
Series 2020E (HUD) | ||||
10/01/2040 | 2.250% | 4,245,000 | 3,250,494 | |
New Jersey Transportation Trust Fund Authority | ||||
Refunding Revenue Bonds | ||||
Transportation System | ||||
Series 2018A | ||||
12/15/2034 | 5.000% | 6,000,000 | 6,511,543 | |
Revenue Bonds | ||||
Transportation Program | ||||
Series 2019 | ||||
06/15/2046 | 5.000% | 3,500,000 | 3,652,158 | |
Series 2022 | ||||
06/15/2048 | 5.000% | 3,750,000 | 4,055,967 | |
New Jersey Turnpike Authority | ||||
Refunding Revenue Bonds | ||||
Series 2005A (AGM) | ||||
01/01/2030 | 5.250% | 2,000,000 | 2,306,081 | |
Revenue Bonds | ||||
Series 2022B | ||||
01/01/2048 | 4.500% | 3,000,000 | 3,111,408 | |
01/01/2052 | 5.250% | 6,250,000 | 6,942,942 | |
Tobacco Settlement Financing Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
06/01/2046 | 5.250% | 2,000,000 | 2,065,446 | |
Subordinated Series 2018B | ||||
06/01/2046 | 5.000% | 3,580,000 | 3,641,201 | |
Total | 78,397,483 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
New Mexico 0.2% | ||||
New Mexico Mortgage Finance Authority | ||||
Revenue Bonds | ||||
Single Family Mortgage Program | ||||
Series 2019C Class I (GNMA) | ||||
07/01/2034 | 3.050% | 1,530,000 | 1,399,666 | |
07/01/2039 | 3.350% | 1,285,000 | 1,203,748 | |
07/01/2044 | 3.600% | 2,675,000 | 2,392,854 | |
Total | 4,996,268 | |||
New York 7.4% | ||||
Build NYC Resource Corp.(c),(e) | ||||
Refunding Revenue Bonds | ||||
Pratt Paper, Inc. Project | ||||
Series 2014 | ||||
01/01/2025 | 4.500% | 100,000 | 100,111 | |
City of New York | ||||
Unlimited General Obligation Bonds | ||||
Series 2022A-1 | ||||
09/01/2046 | 4.000% | 2,500,000 | 2,497,236 | |
Subordinated Series 2022B-1 | ||||
10/01/2047 | 5.250% | 2,500,000 | 2,793,243 | |
Subordinated Series 2023E-1 | ||||
04/01/2050 | 4.000% | 5,100,000 | 5,032,050 | |
Housing Development Corp. | ||||
Revenue Bonds | ||||
Sustainable Neighborhood | ||||
Series 2017G | ||||
11/01/2042 | 3.600% | 4,000,000 | 3,740,151 | |
Metropolitan Transportation Authority | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2020C-1 | ||||
11/15/2050 | 5.000% | 4,915,000 | 5,151,802 | |
New York City Housing Development Corp. | ||||
Revenue Bonds | ||||
Sustainable Neighborhood | ||||
Series 2019 | ||||
11/01/2044 | 3.150% | 6,440,000 | 5,514,565 | |
New York City Municipal Water Finance Authority | ||||
Revenue Bonds | ||||
Series 2022CC-1 | ||||
06/15/2052 | 4.000% | 16,000,000 | 15,802,853 | |
New York City Transitional Finance Authority | ||||
Revenue Bonds | ||||
Future Tax Secured | ||||
Subordinated Series 2020D | ||||
11/01/2040 | 4.000% | 10,000,000 | 10,058,815 | |
Subordinated Series 2022A-1 | ||||
08/01/2044 | 5.000% | 1,900,000 | 2,116,005 | |
08/01/2048 | 4.000% | 2,400,000 | 2,374,603 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated Series 2022F-1 | ||||
02/01/2051 | 4.000% | 2,000,000 | 1,969,064 | |
New York Counties Tobacco Trust VI | ||||
Tobacco Settlement Pass-Through Bonds | ||||
Series 2016 | ||||
06/01/2045 | 5.000% | 1,860,000 | 1,786,781 | |
New York Liberty Development Corp. | ||||
Refunding Revenue Bonds | ||||
Series 2021-1WTC | ||||
02/15/2042 | 3.000% | 1,210,000 | 1,040,214 | |
New York State Dormitory Authority | ||||
Revenue Bonds | ||||
Independent School District-Educational Housing Services | ||||
Series 2005 (AMBAC) | ||||
07/01/2030 | 5.250% | 3,000,000 | 3,171,394 | |
NYU Langone Hospitals Obligated Group | ||||
Series 2020A | ||||
07/01/2050 | 4.000% | 4,000,000 | 3,852,958 | |
New York State Thruway Authority | ||||
Refunding Revenue Bonds | ||||
Personal Income Tax - Bidding Group | ||||
Series 2022A | ||||
03/15/2050 | 4.000% | 14,000,000 | 13,941,423 | |
New York Transportation Development Corp.(e) | ||||
Revenue Bonds | ||||
Delta Air Lines, Inc. LaGuardia | ||||
Series 2020 | ||||
10/01/2035 | 5.000% | 8,000,000 | 8,383,641 | |
John F. Kennedy International Airport New Terminal One Project | ||||
Series 2023 | ||||
06/30/2060 | 5.375% | 5,350,000 | 5,598,639 | |
LaGuardia Airport Terminal C&D | ||||
Series 2023 | ||||
04/01/2040 | 5.625% | 3,750,000 | 4,062,266 | |
New York State Thruway Service Areas Project | ||||
Series 2021 | ||||
10/31/2041 | 4.000% | 1,430,000 | 1,313,026 | |
Terminal 4 John F. Kennedy International Airport Project | ||||
Series 2022 | ||||
12/01/2041 | 5.000% | 5,750,000 | 6,045,708 | |
12/01/2042 | 4.000% | 4,355,000 | 4,096,494 | |
Port Authority of New York & New Jersey(e) | ||||
Refunding Revenue Bonds | ||||
Series 2023-238 | ||||
07/15/2039 | 5.000% | 3,000,000 | 3,306,475 | |
Revenue Bonds | ||||
Consolidated 218th | ||||
Series 2019 | ||||
11/01/2041 | 4.000% | 1,000,000 | 983,967 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Consolidated Bonds | ||||
Series 221 | ||||
07/15/2040 | 4.000% | 1,000,000 | 990,929 | |
State of New York Mortgage Agency | ||||
Refunding Revenue Bonds | ||||
Series 2018-211 | ||||
10/01/2043 | 3.750% | 11,620,000 | 11,163,104 | |
Triborough Bridge & Tunnel Authority | ||||
Revenue Bonds | ||||
Senior Lien Green Bonds | ||||
Series 2022D-2 | ||||
05/15/2052 | 5.500% | 3,000,000 | 3,412,602 | |
Series 2022A | ||||
11/15/2052 | 4.000% | 12,500,000 | 12,200,726 | |
Ulster County Capital Resource Corp.(c) | ||||
Refunding Revenue Bonds | ||||
Woodland Pond at New Paltz | ||||
Series 2017 | ||||
09/15/2042 | 5.250% | 2,480,000 | 1,949,686 | |
09/15/2047 | 5.250% | 3,025,000 | 2,271,298 | |
09/15/2053 | 5.250% | 6,240,000 | 4,504,858 | |
Westchester County Local Development Corp. | ||||
Refunding Revenue Bonds | ||||
Westchester Medical Center | ||||
Series 2016 | ||||
11/01/2046 | 5.000% | 4,000,000 | 3,792,896 | |
Total | 155,019,583 | |||
North Carolina 1.4% | ||||
North Carolina Department of Transportation(e) | ||||
Revenue Bonds | ||||
I-77 Hot Lanes Project | ||||
Series 2015 | ||||
06/30/2054 | 5.000% | 12,500,000 | 12,467,639 | |
North Carolina Medical Care Commission | ||||
Refunding Revenue Bonds | ||||
Series 2021C | ||||
03/01/2042 | 4.000% | 2,500,000 | 2,041,348 | |
Sharon Towers | ||||
Series 2019A | ||||
07/01/2039 | 5.000% | 1,650,000 | 1,527,705 | |
07/01/2044 | 5.000% | 2,260,000 | 1,995,894 | |
Revenue Bonds | ||||
Lutheran Services for the Aging | ||||
Series 2021 | ||||
03/01/2051 | 4.000% | 1,000,000 | 733,862 | |
North Carolina Turnpike Authority(g) | ||||
Revenue Bonds | ||||
Series 2017C | ||||
07/01/2030 | 0.000% | 445,000 | 339,177 | |
07/01/2034 | 0.000% | 1,135,000 | 705,555 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2019 | ||||
01/01/2044 | 0.000% | 4,000,000 | 1,726,066 | |
Triangle Expressway System | ||||
Series 2019 | ||||
01/01/2042 | 0.000% | 6,550,000 | 3,144,160 | |
01/01/2043 | 0.000% | 3,500,000 | 1,599,435 | |
Series 2024 (AGM) | ||||
01/01/2050 | 0.000% | 7,000,000 | 2,039,400 | |
Total | 28,320,241 | |||
North Dakota 0.2% | ||||
North Dakota Housing Finance Agency | ||||
Revenue Bonds | ||||
Home Mortgage Program | ||||
Series 2019 | ||||
07/01/2043 | 3.050% | 1,350,000 | 1,142,853 | |
Housing Finance Program | ||||
Series 2017 (FHA) | ||||
07/01/2037 | 3.450% | 700,000 | 663,996 | |
Housing Finance Program-Home Mortgage Finance | ||||
Series 2018 | ||||
07/01/2042 | 3.950% | 1,845,000 | 1,815,009 | |
Total | 3,621,858 | |||
Ohio 2.2% | ||||
Buckeye Tobacco Settlement Financing Authority | ||||
Refunding Senior Revenue Bonds | ||||
Series 2020B-2 | ||||
06/01/2055 | 5.000% | 24,790,000 | 23,404,784 | |
County of Marion | ||||
Refunding Revenue Bonds | ||||
United Church Homes, Inc. | ||||
Series 2019 | ||||
12/01/2039 | 5.000% | 325,000 | 272,118 | |
12/01/2049 | 5.125% | 1,895,000 | 1,486,179 | |
Lake County Port & Economic Development Authority(c),(f) | ||||
Revenue Bonds | ||||
1st Mortgage - Tapestry Wickliffe LLC | ||||
Series 2017 | ||||
12/01/2037 | 0.000% | 6,000,000 | 1,740,000 | |
12/01/2052 | 0.000% | 1,500,000 | 435,000 | |
Ohio Air Quality Development Authority(c),(e) | ||||
Revenue Bonds | ||||
Pratt Paper LLC Project | ||||
Series 2017 | ||||
01/15/2038 | 4.250% | 1,000,000 | 973,272 | |
Ohio Turnpike & Infrastructure Commission | ||||
Refunding Revenue Bonds | ||||
Series 1998A (NPFGC) | ||||
02/15/2026 | 5.500% | 3,000,000 | 3,125,079 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
State of Ohio(e) | ||||
Revenue Bonds | ||||
Portsmouth Bypass Project | ||||
Series 2015 | ||||
06/30/2053 | 5.000% | 9,835,000 | 9,844,716 | |
Toledo-Lucas County Port Authority | ||||
Revenue Bonds | ||||
University of Toledo Project | ||||
Series 2014 | ||||
07/01/2046 | 5.000% | 5,000,000 | 4,749,492 | |
Total | 46,030,640 | |||
Oklahoma 0.1% | ||||
Tulsa County Industrial Authority | ||||
Refunding Revenue Bonds | ||||
Montereau, Inc. Project | ||||
Series 2017 | ||||
11/15/2045 | 5.250% | 2,720,000 | 2,674,717 | |
Oregon 2.0% | ||||
Clackamas County Hospital Facility Authority | ||||
Refunding Revenue Bonds | ||||
Rose Villa Project | ||||
Series 2020A | ||||
11/15/2050 | 5.250% | 1,000,000 | 917,970 | |
Hospital Facilities Authority of Multnomah County | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Mirabella at South Waterfront | ||||
Series 2014A | ||||
10/01/2044 | 5.400% | 3,225,000 | 3,267,044 | |
Port of Portland Airport(e) | ||||
Revenue Bonds | ||||
Green Bonds | ||||
Series 2023-29 | ||||
07/01/2053 | 5.500% | 20,000,000 | 22,056,798 | |
State of Oregon | ||||
Unlimited General Obligation Bonds | ||||
Article XI - Q State Project | ||||
Series 2023 | ||||
05/01/2048 | 5.000% | 5,580,000 | 6,239,701 | |
State of Oregon Housing & Community Services Department | ||||
Revenue Bonds | ||||
Series 2017D | ||||
01/01/2038 | 3.450% | 2,820,000 | 2,654,171 | |
Washington & Multnomah Counties School District No. 48J Beaverton(g) | ||||
Unlimited General Obligation Bonds | ||||
Series 2022A | ||||
06/15/2048 | 0.000% | 20,000,000 | 6,254,030 | |
Total | 41,389,714 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Pennsylvania 9.6% | ||||
Commonwealth Financing Authority | ||||
Revenue Bonds | ||||
Tobacco Master Settlement Payment | ||||
Series 2018 | ||||
06/01/2034 | 5.000% | 1,000,000 | 1,074,812 | |
Commonwealth of Pennsylvania | ||||
Refunding Certificate of Participation | ||||
Series 2018A | ||||
07/01/2043 | 5.000% | 2,500,000 | 2,615,774 | |
Cumberland County Municipal Authority | ||||
Prerefunded 01/01/25 Revenue Bonds | ||||
Diakon Lutheran Social Ministries | ||||
Series 2015 | ||||
01/01/2038 | 5.000% | 865,000 | 878,998 | |
Refunding Revenue Bonds | ||||
Diakon Lutheran | ||||
Series 2015 | ||||
01/01/2038 | 5.000% | 4,385,000 | 4,399,567 | |
Delaware Valley Regional Finance Authority | ||||
Revenue Bonds | ||||
Series 1997C (AMBAC) | ||||
07/01/2027 | 7.750% | 1,000,000 | 1,159,008 | |
Franklin County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Menno-Haven, Inc. Project | ||||
Series 2018 | ||||
12/01/2048 | 5.000% | 1,300,000 | 1,063,913 | |
Geisinger Authority | ||||
Refunding Revenue Bonds | ||||
Geisinger Health System | ||||
Series 2017 | ||||
02/15/2039 | 4.000% | 6,000,000 | 6,021,342 | |
Montgomery County Industrial Development Authority | ||||
Refunding Revenue Bonds | ||||
Meadowood Senior Living Project | ||||
Series 2018 | ||||
12/01/2048 | 5.000% | 2,000,000 | 1,883,345 | |
Northampton County General Purpose Authority | ||||
Refunding Revenue Bonds | ||||
St. Luke’s University Health Network | ||||
Series 2018 | ||||
08/15/2048 | 4.000% | 20,000,000 | 18,211,604 | |
Pennsylvania Economic Development Financing Authority | ||||
Refunding Revenue Bonds | ||||
Presbyterian Senior Living Project | ||||
Series 2023 | ||||
07/01/2046 | 5.250% | 1,250,000 | 1,292,005 | |
Series 2017A | ||||
11/15/2042 | 4.000% | 30,000,000 | 29,840,475 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Revenue Bonds | ||||
Presbyterian Senior Living Project | ||||
Series 2023 | ||||
07/01/2049 | 5.250% | 1,250,000 | 1,282,416 | |
Pennsylvania Economic Development Financing Authority(c),(f) | ||||
Refunding Revenue Bonds | ||||
Tapestry Moon Senior Housing Project | ||||
Series 2018 | ||||
12/01/2053 | 0.000% | 5,625,000 | 2,144,531 | |
Pennsylvania Economic Development Financing Authority(e) | ||||
Revenue Bonds | ||||
PA Bridges Finco LP | ||||
Series 2015 | ||||
12/31/2038 | 5.000% | 13,820,000 | 14,003,443 | |
06/30/2042 | 5.000% | 12,375,000 | 12,452,805 | |
Proctor & Gamble Paper Project | ||||
Series 2001 | ||||
03/01/2031 | 5.375% | 1,000,000 | 1,141,607 | |
The PennDOT Major Bridges Package One Project | ||||
Series 2022 | ||||
06/30/2061 | 6.000% | 3,000,000 | 3,385,927 | |
Series 2022 (AGM) | ||||
12/31/2057 | 5.000% | 5,000,000 | 5,290,684 | |
Pennsylvania Housing Finance Agency | ||||
Refunding Revenue Bonds | ||||
Series 2017-124B | ||||
10/01/2037 | 3.500% | 16,000,000 | 15,115,582 | |
Revenue Bonds | ||||
Series 2019-129 | ||||
10/01/2039 | 3.150% | 7,730,000 | 6,852,794 | |
Pennsylvania Turnpike Commission | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2015A-1 | ||||
12/01/2045 | 5.250% | 20,295,000 | 20,690,588 | |
Revenue Bonds | ||||
Series 2014B | ||||
12/01/2044 | 5.250% | 10,000,000 | 10,104,452 | |
Subordinated Series 2014A-1 | ||||
12/01/2043 | 5.000% | 16,940,000 | 17,077,709 | |
Subordinated Series 2017B-1 | ||||
06/01/2042 | 5.000% | 15,000,000 | 15,598,266 | |
Subordinated Series 2018B | ||||
12/01/2043 | 5.000% | 1,000,000 | 1,048,924 | |
Philadelphia Authority for Industrial Development | ||||
Revenue Bonds | ||||
First Philadelphia Preparatory Charter School | ||||
Series 2014 | ||||
06/15/2043 | 7.250% | 5,475,000 | 5,533,942 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
School District of Philadelphia (The) | ||||
Limited General Obligation Bonds | ||||
Series 2018B | ||||
09/01/2043 | 5.000% | 985,000 | 1,026,745 | |
Total | 201,191,258 | |||
Puerto Rico 2.6% | ||||
Commonwealth of Puerto Rico(g),(i) | ||||
Revenue Notes | ||||
Series 2022 | ||||
11/01/2051 | 0.000% | 3,392,791 | 1,912,686 | |
Subordinated Series 2022 | ||||
11/01/2043 | 0.000% | 2,626,377 | 1,454,356 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority(c),(i) | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2020A | ||||
07/01/2047 | 5.000% | 5,210,000 | 5,226,780 | |
Puerto Rico Electric Power Authority(f),(i) | ||||
Revenue Bonds | ||||
Series 2010XX | ||||
07/01/2040 | 0.000% | 7,000,000 | 2,152,500 | |
Series 2012A | ||||
07/01/2042 | 0.000% | 7,000,000 | 2,152,500 | |
Puerto Rico Public Finance Corp.(i) | ||||
Revenue Bonds | ||||
Commonwealth Appropriation | ||||
Series 2002E Escrowed to Maturity (AMBAC) | ||||
08/01/2027 | 5.500% | 450,000 | 490,925 | |
Unrefunded Revenue Bonds | ||||
Commonwealth Appropriation | ||||
Series 2002E Escrowed to Maturity | ||||
08/01/2026 | 6.000% | 2,470,000 | 2,661,973 | |
Series 2002E Escrowed to Maturity (AMBAC) | ||||
08/01/2027 | 5.500% | 1,050,000 | 1,145,491 | |
Puerto Rico Sales Tax Financing Corp.(g),(i) | ||||
Revenue Bonds | ||||
Series 2018A-1 | ||||
07/01/2046 | 0.000% | 93,959,000 | 29,192,263 | |
Puerto Rico Sales Tax Financing Corp.(i) | ||||
Revenue Bonds | ||||
Series 2019A1 | ||||
07/01/2058 | 5.000% | 7,000,000 | 7,005,172 | |
Total | 53,394,646 | |||
South Carolina 1.5% | ||||
Patriots Energy Group Financing Agency | ||||
Refunding Revenue Bonds | ||||
Series 2023B-1 (Mandatory Put 03/01/31) | ||||
02/01/2054 | 5.250% | 2,000,000 | 2,164,600 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Piedmont Municipal Power Agency | ||||
Unrefunded Revenue Bonds | ||||
Series 1993 (NPFGC) | ||||
01/01/2025 | 5.375% | 10,505,000 | 10,707,317 | |
South Carolina Jobs-Economic Development Authority | ||||
Prerefunded 11/01/24 Revenue Bonds | ||||
York Preparatory Academy Project | ||||
Series 2014A | ||||
11/01/2033 | 7.000% | 910,000 | 933,444 | |
South Carolina Public Service Authority | ||||
Revenue Bonds | ||||
Series 2022A | ||||
12/01/2052 | 4.000% | 18,000,000 | 16,927,636 | |
South Carolina State Housing Finance & Development Authority | ||||
Revenue Bonds | ||||
Series 2020A | ||||
07/01/2035 | 2.650% | 885,000 | 766,122 | |
07/01/2040 | 3.000% | 885,000 | 746,185 | |
Total | 32,245,304 | |||
South Dakota 0.2% | ||||
South Dakota Health & Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Sanford Obligated Group | ||||
Series 2015 | ||||
11/01/2045 | 5.000% | 4,500,000 | 4,558,509 | |
Tennessee 1.9% | ||||
Chattanooga Health Educational & Housing Facility Board | ||||
Refunding Revenue Bonds | ||||
Student Housing - CDFI Phase I | ||||
Series 2015 | ||||
10/01/2032 | 5.000% | 1,300,000 | 1,320,677 | |
10/01/2035 | 5.000% | 645,000 | 653,599 | |
Greeneville Health & Educational Facilities Board | ||||
Refunding Revenue Bonds | ||||
Ballad Health Obligation Group | ||||
Series 2018 | ||||
07/01/2040 | 4.000% | 7,200,000 | 7,127,838 | |
New Memphis Arena Public Building Authority(g) | ||||
Revenue Bonds | ||||
City of Memphis Project | ||||
Series 2021 | ||||
04/01/2041 | 0.000% | 1,500,000 | 669,757 | |
04/01/2043 | 0.000% | 1,500,000 | 596,127 | |
04/01/2045 | 0.000% | 1,500,000 | 531,446 | |
04/01/2046 | 0.000% | 750,000 | 251,159 | |
Shelby County Health Educational & Housing Facilities Board | ||||
Revenue Bonds | ||||
The Farms at Bailey Station Project | ||||
Series 2019 | ||||
10/01/2054 | 5.750% | 7,000,000 | 4,956,361 | |
10/01/2059 | 5.750% | 5,000,000 | 3,477,002 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Tennessee Energy Acquisition Corp. | ||||
Refunding Revenue Bonds | ||||
Gas Project | ||||
Series 2023A-1 (Mandatory Put 05/01/28) | ||||
05/01/2053 | 5.000% | 9,805,000 | 10,190,709 | |
Tennessee Housing Development Agency | ||||
Revenue Bonds | ||||
3rd Issue | ||||
Series 2017 | ||||
07/01/2037 | 3.400% | 690,000 | 653,015 | |
07/01/2042 | 3.600% | 460,000 | 430,817 | |
Issue 3 | ||||
Series 2018 | ||||
01/01/2049 | 3.950% | 4,855,000 | 4,502,525 | |
Social Bond | ||||
Series 2022-2 | ||||
01/01/2048 | 4.350% | 3,500,000 | 3,499,793 | |
Total | 38,860,825 | |||
Texas 11.5% | ||||
Arlington Higher Education Finance Corp.(c) | ||||
Revenue Bonds | ||||
Legacy Traditional Schools - Texas Project | ||||
Series 2022 | ||||
02/15/2062 | 6.750% | 5,000,000 | 4,795,938 | |
Austin Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
08/01/2048 | 4.000% | 4,400,000 | 4,293,385 | |
Central Texas Regional Mobility Authority(g) | ||||
Revenue Bonds | ||||
Capital Appreciation | ||||
Series 2010 | ||||
01/01/2025 | 0.000% | 2,000,000 | 1,926,036 | |
Central Texas Turnpike System | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2015C | ||||
08/15/2037 | 5.000% | 5,000,000 | 5,028,249 | |
City of Houston Airport System(e) | ||||
Refunding Revenue Bonds | ||||
Subordinated Series 2023A (AGM) | ||||
07/01/2053 | 5.250% | 5,000,000 | 5,369,334 | |
Revenue Bonds | ||||
Subordinated Series 2020A | ||||
07/01/2047 | 4.000% | 800,000 | 761,665 | |
Clifton Higher Education Finance Corp. | ||||
Revenue Bonds | ||||
Idea Public Schools | ||||
Series 2012 | ||||
08/15/2032 | 5.000% | 1,995,000 | 1,997,266 | |
08/15/2042 | 5.000% | 2,350,000 | 2,350,495 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2013 | ||||
08/15/2033 | 6.000% | 990,000 | 992,071 | |
International Leadership | ||||
Series 2015 | ||||
08/15/2038 | 5.750% | 3,000,000 | 3,073,740 | |
International Leadership of Texas | ||||
Series 2015 | ||||
08/15/2045 | 5.750% | 10,500,000 | 10,736,670 | |
Series 2015A | ||||
12/01/2035 | 5.000% | 2,200,000 | 2,226,901 | |
12/01/2045 | 5.000% | 1,100,000 | 1,103,527 | |
Conroe Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2022A | ||||
02/15/2047 | 4.000% | 8,475,000 | 8,463,531 | |
Crowley Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
02/01/2053 | 4.250% | 2,700,000 | 2,732,737 | |
02/01/2053 | 5.250% | 2,500,000 | 2,782,609 | |
Cypress-Fairbanks Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
02/15/2048 | 4.000% | 5,200,000 | 5,125,860 | |
Dallas Independent School District(h) | ||||
Unlimited General Obligation Bonds | ||||
Series 2024 | ||||
02/15/2049 | 5.000% | 7,500,000 | 8,238,872 | |
Dallas Love Field(e) | ||||
Revenue Bonds | ||||
Series 2017 | ||||
11/01/2034 | 5.000% | 750,000 | 773,928 | |
Deaf Smith County Hospital District | ||||
Limited General Obligation Refunding Bonds | ||||
Series 2017 | ||||
03/01/2034 | 5.000% | 645,000 | 661,094 | |
Denton Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
08/15/2053 | 5.000% | 5,000,000 | 5,481,350 | |
Harris County Toll Road Authority (The) | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2018A | ||||
08/15/2048 | 4.000% | 4,000,000 | 3,920,240 | |
Hays Consolidated Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Seires 2023 | ||||
02/15/2048 | 5.000% | 4,085,000 | 4,456,036 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Humble Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2022 | ||||
02/15/2052 | 4.000% | 2,000,000 | 1,951,865 | |
Katy Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2022 | ||||
02/15/2052 | 4.000% | 3,300,000 | 3,258,330 | |
Series 2023 | ||||
02/15/2053 | 4.000% | 8,375,000 | 8,221,740 | |
Lamar Consolidated Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023A | ||||
02/15/2058 | 5.000% | 5,000,000 | 5,424,789 | |
New Hope Cultural Education Facilities Finance Corp. | ||||
Refunding Revenue Bonds | ||||
Texas Children’s Health System | ||||
Series 2017A | ||||
08/15/2040 | 4.000% | 3,125,000 | 3,097,572 | |
Revenue Bonds | ||||
Bridgemoor Plano Project | ||||
Senior Series 2023A-1 | ||||
12/31/2030 | 7.250% | 9,000,000 | 8,984,433 | |
Collegiate Housing College Station | ||||
Series 2014 | ||||
04/01/2046 | 5.000% | 7,250,000 | 7,036,535 | |
New Hope Cultural Education Facilities Finance Corp.(g) | ||||
Revenue Bonds | ||||
Bridgemoor Plano Project | ||||
Senior Series 2023A-2 | ||||
12/31/2030 | 0.000% | 1,597,312 | 885,178 | |
New Hope Cultural Education Facilities Finance Corp.(f) | ||||
Revenue Bonds | ||||
Cardinal Bay, Inc. - Village on the Park | ||||
Series 2016 | ||||
07/01/2031 | 0.000% | 1,000,000 | 450,000 | |
07/01/2051 | 0.000% | 6,745,000 | 3,035,250 | |
Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | ||||
Series 2016 | ||||
07/01/2046 | 0.000% | 3,335,000 | 1,500,750 | |
Northwest Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
02/15/2048 | 5.000% | 5,500,000 | 6,003,557 | |
Pottsboro Higher Education Finance Corp. | ||||
Revenue Bonds | ||||
Series 2016A | ||||
08/15/2036 | 5.000% | 390,000 | 383,578 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Prosper Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2022 | ||||
02/15/2052 | 4.000% | 4,800,000 | 4,684,476 | |
Red River Health Facilities Development Corp. | ||||
Prerefunded 11/15/24 Revenue Bonds | ||||
MRC Crossings Project | ||||
Series 2014A | ||||
11/15/2034 | 7.500% | 2,000,000 | 2,065,029 | |
Rockwall Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023 | ||||
02/15/2053 | 4.000% | 2,500,000 | 2,441,805 | |
Sanger Industrial Development Corp.(c),(e),(f) | ||||
Revenue Bonds | ||||
Texas Pellets Project | ||||
Series 2012B | ||||
07/01/2038 | 0.000% | 34,645,000 | 8,141,575 | |
Sherman Independent School District | ||||
Unlimited General Obligation Bonds | ||||
Series 2023B | ||||
02/15/2053 | 5.000% | 10,000,000 | 10,895,679 | |
Tarrant County College District | ||||
Limited General Obligation Bonds | ||||
Series 2022 | ||||
08/15/2042 | 4.000% | 15,600,000 | 15,825,963 | |
Tarrant County Cultural Education Facilities Finance Corp. | ||||
Refunding Revenue Bonds | ||||
Trinity Terrace Project | ||||
Series 2014 | ||||
10/01/2044 | 5.000% | 2,500,000 | 2,491,768 | |
10/01/2049 | 5.000% | 1,870,000 | 1,839,333 | |
Revenue Bonds | ||||
Methodist Hospitals of Dallas | ||||
Series 2022 | ||||
10/01/2052 | 4.000% | 2,650,000 | 2,494,607 | |
Tarrant County Cultural Education Facilities Finance Corp.(f) | ||||
Revenue Bonds | ||||
CC Young Memorial Home | ||||
Series 2009A | ||||
02/15/2038 | 0.000% | 3,500,000 | 1,925,000 | |
Texas Private Activity Bond Surface Transportation Corp. | ||||
Refunding Revenue Bonds | ||||
LBJ Infrastructure Group LLC I-635 Managed Lanes Project | ||||
Series 2020 | ||||
12/31/2039 | 4.000% | 400,000 | 402,666 | |
Senior Lien - North Tarrant Express | ||||
Series 2019 | ||||
12/31/2038 | 4.000% | 3,500,000 | 3,514,211 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Texas Private Activity Bond Surface Transportation Corp.(e) | ||||
Revenue Bonds | ||||
NTE Mobility Partners LLC North Tarrant Express Project | ||||
Series 2023 | ||||
12/31/2058 | 5.500% | 6,600,000 | 7,141,353 | |
Segment 3C Project | ||||
Series 2019 | ||||
06/30/2058 | 5.000% | 21,445,000 | 21,686,874 | |
Senior Lien - Blueridge Transportation Group LLC | ||||
Series 2016 | ||||
12/31/2040 | 5.000% | 2,000,000 | 2,012,018 | |
12/31/2055 | 5.000% | 6,250,000 | 6,213,794 | |
Texas Transportation Commission | ||||
Revenue Bonds | ||||
State Highway 249 System Toll | ||||
Series 2019 | ||||
08/01/2057 | 5.000% | 2,000,000 | 2,032,997 | |
Texas Water Development Board | ||||
Revenue Bonds | ||||
Series 2023A | ||||
10/15/2058 | 5.000% | 2,500,000 | 2,731,569 | |
Tomball Independent School District | ||||
Unlimited General Obligation Bonds | ||||
School Building | ||||
Series 2020 | ||||
02/15/2034 | 3.000% | 1,750,000 | 1,726,184 | |
02/15/2035 | 3.000% | 1,750,000 | 1,714,305 | |
02/15/2036 | 3.000% | 1,435,000 | 1,382,893 | |
Total | 240,889,210 | |||
Utah 0.6% | ||||
City of Salt Lake City Airport(e) | ||||
Revenue Bonds | ||||
Series 2023A | ||||
07/01/2053 | 5.250% | 2,250,000 | 2,398,245 | |
Salt Lake City Corp. Airport(e) | ||||
Revenue Bonds | ||||
Series 2017A | ||||
07/01/2047 | 5.000% | 6,500,000 | 6,602,076 | |
UIPA Crossroads Public Infrastructure District(c) | ||||
Tax Allocation Bonds | ||||
Series 2021 | ||||
06/01/2052 | 4.375% | 2,740,000 | 2,420,503 | |
Total | 11,420,824 | |||
Virginia 1.2% | ||||
Fredericksburg Economic Development Authority | ||||
Refunding Revenue Bonds | ||||
Mary Washington Healthcare Obligation | ||||
Series 2014 | ||||
06/15/2031 | 5.000% | 800,000 | 804,157 | |
06/15/2033 | 5.000% | 500,000 | 502,389 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Virginia Small Business Financing Authority(e) | ||||
Refunding Revenue Bonds | ||||
Senior Lien - 95 Express Lanes LLC Project | ||||
Series 2022 | ||||
01/01/2048 | 4.000% | 3,750,000 | 3,533,483 | |
Revenue Bonds | ||||
Transform 66 P3 Project | ||||
Series 2017 | ||||
12/31/2052 | 5.000% | 3,750,000 | 3,768,496 | |
12/31/2056 | 5.000% | 16,800,000 | 16,861,911 | |
Total | 25,470,436 | |||
Washington 1.3% | ||||
King County Housing Authority | ||||
Refunding Revenue Bonds | ||||
Series 2018 | ||||
05/01/2038 | 3.750% | 2,915,000 | 2,856,236 | |
King County Public Hospital District No. 4 | ||||
Revenue Bonds | ||||
Series 2015A | ||||
12/01/2035 | 6.000% | 1,300,000 | 1,332,367 | |
12/01/2045 | 6.250% | 2,500,000 | 2,515,866 | |
Washington Health Care Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Multicare Health System | ||||
Series 2017B | ||||
08/15/2041 | 4.000% | 10,500,000 | 10,198,366 | |
Virginia Mason Medical Center | ||||
Series 2017 | ||||
08/15/2042 | 4.000% | 3,335,000 | 3,010,157 | |
Washington State Housing Finance Commission | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
Heron’s Key | ||||
Series 2015A | ||||
07/01/2030 | 6.500% | 730,000 | 759,147 | |
07/01/2035 | 6.750% | 550,000 | 573,838 | |
Refunding Revenue Bonds | ||||
Emerald Heights Project | ||||
Series 2023A | ||||
07/01/2048 | 5.000% | 500,000 | 506,144 | |
Washington State Housing Finance Commission(c) | ||||
Prerefunded 07/01/25 Revenue Bonds | ||||
Heron’s Key | ||||
Series 2015A | ||||
07/01/2050 | 7.000% | 1,250,000 | 1,307,918 | |
Refunding Revenue Bonds | ||||
Seattle Academy of Arts and Sciences Project | ||||
Series 2023 | ||||
07/01/2053 | 6.125% | 1,445,000 | 1,593,602 | |
07/01/2059 | 6.250% | 1,430,000 | 1,578,543 | |
07/01/2063 | 6.375% | 750,000 | 822,066 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Skyline 1st Hill Project | ||||
Series 2015 | ||||
01/01/2025 | 5.000% | 170,000 | 168,902 | |
Total | 27,223,152 | |||
West Virginia 0.7% | ||||
West Virginia Hospital Finance Authority | ||||
Revenue Bonds | ||||
West Virginia University Health System Obligation | ||||
Series 2018 | ||||
06/01/2052 | 5.000% | 14,500,000 | 14,970,081 | |
Wisconsin 2.1% | ||||
Public Finance Authority | ||||
Refunding Revenue Bonds | ||||
Friends Homes | ||||
Series 2019 | ||||
09/01/2049 | 5.000% | 4,250,000 | 3,799,377 | |
Revenue Bonds | ||||
ACTS Retirement - Life Communities | ||||
Series 2020 | ||||
11/15/2041 | 5.000% | 4,000,000 | 4,165,422 | |
Series 2023A | ||||
07/01/2062 | 5.750% | 7,250,000 | 7,506,994 | |
Public Finance Authority(c) | ||||
Refunding Revenue Bonds | ||||
Mary’s Woods at Marylhurst | ||||
Series 2017 | ||||
05/15/2042 | 5.250% | 820,000 | 767,745 | |
05/15/2047 | 5.250% | 1,105,000 | 997,797 | |
Mary’s Woods at Marylhurst, Inc. | ||||
Series 2017 | ||||
05/15/2052 | 5.250% | 500,000 | 441,791 | |
Public Finance Authority(c),(g) | ||||
Revenue Bonds | ||||
WFCS Portfolio Project | ||||
Subordinated Series 2021 | ||||
01/01/2061 | 0.000% | 21,000,000 | 1,014,292 | |
University of Wisconsin Hospitals & Clinics | ||||
Refunding Revenue Bonds | ||||
Green Bonds - University of Wisconsin Hospital | ||||
Series 2021 | ||||
04/01/2051 | 4.000% | 10,000,000 | 9,523,839 | |
Wisconsin Center District(g) | ||||
Revenue Bonds | ||||
Senior Dedicated | ||||
Series 2020 (AGM) | ||||
12/15/2060 | 0.000% | 18,625,000 | 3,107,374 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Wisconsin Health & Educational Facilities Authority | ||||
Refunding Revenue Bonds | ||||
St. Camillus Health System, Inc. | ||||
Series 2019 | ||||
11/01/2046 | 5.000% | 2,100,000 | 1,709,042 | |
Revenue Bonds | ||||
Covenant Communities, Inc. Project | ||||
Series 2018A | ||||
07/01/2048 | 4.000% | 2,335,000 | 1,777,176 | |
07/01/2053 | 4.125% | 5,000,000 | 3,745,105 | |
Series 2018B | ||||
07/01/2038 | 4.375% | 1,250,000 | 967,439 | |
07/01/2043 | 4.500% | 1,375,000 | 1,000,198 | |
07/01/2048 | 5.000% | 500,000 | 375,283 | |
Unrefunded Refunding Revenue Bond | ||||
Ascension Health | ||||
Series 2016A | ||||
11/15/2046 | 4.000% | 3,610,000 | 3,490,681 | |
Total | 44,389,555 | |||
Wyoming 0.3% | ||||
County of Campbell | ||||
Refunding Revenue Bonds | ||||
Basin Electric Power Cooperative | ||||
Series 2019 | ||||
07/15/2039 | 3.625% | 7,600,000 | 6,955,398 | |
Total Municipal Bonds (Cost $2,209,398,594) | 2,084,621,443 |
Money Market Funds 0.0% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 4.086%(j) | 79,423 | 79,431 |
Total Money Market Funds (Cost $79,423) | 79,431 | |
Total Investments in Securities (Cost $2,210,128,017) | 2,085,350,874 | |
Other Assets & Liabilities, Net | 7,087,789 | |
Net Assets | $2,092,438,663 |
(a) | The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity. |
(b) | Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of January 31, 2024. |
(c) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At January 31, 2024, the total value of these securities amounted to $87,300,642, which represents 4.17% of total net assets. |
(d) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of January 31, 2024. |
(e) | Income from this security may be subject to alternative minimum tax. |
(f) | Represents a security in default. |
(g) | Zero coupon bond. |
(h) | Represents a security purchased on a when-issued basis. |
(i) | Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At January 31, 2024, the total value of these securities amounted to $53,394,646, which represents 2.55% of total net assets. |
(j) | The rate shown is the seven-day current annualized yield at January 31, 2024. |
AGM | Assured Guaranty Municipal Corporation |
AMBAC | Ambac Assurance Corporation |
BAM | Build America Mutual Assurance Co. |
FHA | Federal Housing Authority |
GNMA | Government National Mortgage Association |
HUD | U.S. Department of Housing and Urban Development |
NPFGC | National Public Finance Guarantee Corporation |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Floating Rate Notes | — | 650,000 | — | 650,000 |
Municipal Bonds | — | 2,084,621,443 | — | 2,084,621,443 |
Money Market Funds | 79,431 | — | — | 79,431 |
Total Investments in Securities | 79,431 | 2,085,271,443 | — | 2,085,350,874 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $2,210,128,017) | $2,085,350,874 |
Cash | 265 |
Receivable for: | |
Investments sold | 6,058,366 |
Capital shares sold | 6,407,356 |
Dividends | 9,553 |
Interest | 21,324,147 |
Prepaid expenses | 19,619 |
Deferred compensation of board members | 530,250 |
Other assets | 26,057 |
Total assets | 2,119,726,487 |
Liabilities | |
Payable for: | |
Investments purchased on a delayed delivery basis | 16,482,545 |
Capital shares redeemed | 3,439,972 |
Distributions to shareholders | 6,581,427 |
Management services fees | 26,106 |
Distribution and/or service fees | 9,372 |
Transfer agent fees | 113,409 |
Compensation of chief compliance officer | 200 |
Compensation of board members | 2,838 |
Other expenses | 15,641 |
Deferred compensation of board members | 616,314 |
Total liabilities | 27,287,824 |
Net assets applicable to outstanding capital stock | $2,092,438,663 |
Represented by | |
Paid in capital | 2,321,500,496 |
Total distributable earnings (loss) | (229,061,833 ) |
Total - representing net assets applicable to outstanding capital stock | $2,092,438,663 |
Class A | |
Net assets | $1,642,726,514 |
Shares outstanding | 138,391,477 |
Net asset value per share | $11.87 |
Maximum sales charge | 3.00% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $12.24 |
Advisor Class | |
Net assets | $13,366,784 |
Shares outstanding | 1,126,409 |
Net asset value per share | $11.87 |
Class C | |
Net assets | $20,943,727 |
Shares outstanding | 1,764,805 |
Net asset value per share | $11.87 |
Institutional Class | |
Net assets | $303,459,755 |
Shares outstanding | 25,558,100 |
Net asset value per share | $11.87 |
Institutional 2 Class | |
Net assets | $12,691,400 |
Shares outstanding | 1,068,856 |
Net asset value per share | $11.87 |
Institutional 3 Class | |
Net assets | $99,250,483 |
Shares outstanding | 8,334,985 |
Net asset value per share | $11.91 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $49,640 |
Interest | 45,298,235 |
Total income | 45,347,875 |
Expenses: | |
Management services fees | 4,784,260 |
Distribution and/or service fees | |
Class A | 1,630,746 |
Class C | 89,209 |
Transfer agent fees | |
Class A | 559,278 |
Advisor Class | 4,508 |
Class C | 7,643 |
Institutional Class | 102,968 |
Institutional 2 Class | 3,517 |
Institutional 3 Class | 2,928 |
Custodian fees | 9,337 |
Printing and postage fees | 38,269 |
Registration fees | 73,998 |
Accounting services fees | 20,863 |
Legal fees | 20,531 |
Interest on interfund lending | 2,310 |
Compensation of chief compliance officer | 200 |
Compensation of board members | 19,140 |
Deferred compensation of board members | 10,467 |
Other | 22,183 |
Total expenses | 7,402,355 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (11,827 ) |
Expense reduction | (2,634 ) |
Total net expenses | 7,387,894 |
Net investment income | 37,959,981 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (19,786,065 ) |
Futures contracts | 2,898,993 |
Net realized loss | (16,887,072 ) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 43,458,328 |
Net change in unrealized appreciation (depreciation) | 43,458,328 |
Net realized and unrealized gain | 26,571,256 |
Net increase in net assets resulting from operations | $64,531,237 |
Six Months Ended January 31, 2024 (Unaudited) | Year Ended July 31, 2023 | |
Operations | ||
Net investment income | $37,959,981 | $81,524,624 |
Net realized loss | (16,887,072 ) | (54,309,420 ) |
Net change in unrealized appreciation (depreciation) | 43,458,328 | (52,715,312 ) |
Net increase (decrease) in net assets resulting from operations | 64,531,237 | (25,500,108 ) |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (29,333,774 ) | (62,033,693 ) |
Advisor Class | (249,538 ) | (539,071 ) |
Class C | (333,278 ) | (798,813 ) |
Institutional Class | (5,695,721 ) | (12,866,698 ) |
Institutional 2 Class | (239,841 ) | (503,426 ) |
Institutional 3 Class | (1,958,619 ) | (4,032,449 ) |
Total distributions to shareholders | (37,810,771 ) | (80,774,150 ) |
Decrease in net assets from capital stock activity | (118,370,795 ) | (369,877,650 ) |
Total decrease in net assets | (91,650,329 ) | (476,151,908 ) |
Net assets at beginning of period | 2,184,088,992 | 2,660,240,900 |
Net assets at end of period | $2,092,438,663 | $2,184,088,992 |
Six Months Ended | Year Ended | |||
January 31, 2024 (Unaudited) | July 31, 2023 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 4,651,941 | 53,225,391 | 15,215,339 | 177,159,699 |
Distributions reinvested | 2,417,463 | 27,603,452 | 5,040,685 | 58,386,449 |
Shares redeemed | (13,490,133 ) | (154,201,944 ) | (43,013,589 ) | (497,846,146 ) |
Net decrease | (6,420,729 ) | (73,373,101 ) | (22,757,565 ) | (262,299,998 ) |
Advisor Class | ||||
Shares sold | 166,261 | 1,898,839 | 189,669 | 2,225,293 |
Distributions reinvested | 21,848 | 249,442 | 43,642 | 505,241 |
Shares redeemed | (210,651 ) | (2,397,067 ) | (874,069 ) | (9,914,238 ) |
Net decrease | (22,542 ) | (248,786 ) | (640,758 ) | (7,183,704 ) |
Class C | ||||
Shares sold | 223,221 | 2,542,179 | 629,621 | 7,279,820 |
Distributions reinvested | 28,134 | 320,865 | 66,235 | 766,968 |
Shares redeemed | (614,370 ) | (7,026,673 ) | (1,161,611 ) | (13,507,005 ) |
Net decrease | (363,015 ) | (4,163,629 ) | (465,755 ) | (5,460,217 ) |
Institutional Class | ||||
Shares sold | 3,126,404 | 35,543,759 | 9,786,080 | 114,120,374 |
Distributions reinvested | 418,978 | 4,786,501 | 899,980 | 10,426,510 |
Shares redeemed | (5,975,149 ) | (68,089,089 ) | (26,473,713 ) | (307,156,273 ) |
Net decrease | (2,429,767 ) | (27,758,829 ) | (15,787,653 ) | (182,609,389 ) |
Institutional 2 Class | ||||
Shares sold | 125,842 | 1,431,191 | 244,345 | 2,845,670 |
Distributions reinvested | 20,825 | 237,861 | 43,193 | 500,441 |
Shares redeemed | (210,959 ) | (2,399,053 ) | (410,037 ) | (4,751,693 ) |
Net decrease | (64,292 ) | (730,001 ) | (122,499 ) | (1,405,582 ) |
Institutional 3 Class | ||||
Shares sold | 1,176,721 | 13,484,161 | 13,832,706 | 161,084,287 |
Distributions reinvested | 38,737 | 443,572 | 69,557 | 809,056 |
Shares redeemed | (2,273,279 ) | (26,024,182 ) | (6,299,412 ) | (72,812,103 ) |
Net increase (decrease) | (1,057,821 ) | (12,096,449 ) | 7,602,851 | 89,081,240 |
Total net decrease | (10,358,166 ) | (118,370,795 ) | (32,171,379 ) | (369,877,650 ) |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.70 | 0.21 | 0.17 | 0.38 | (0.21 ) | — | (0.21 ) |
Year Ended 7/31/2023 | $12.16 | 0.41 | (0.47 ) | (0.06 ) | (0.40 ) | — | (0.40 ) |
Year Ended 7/31/2022 | $13.84 | 0.36 | (1.61 ) | (1.25 ) | (0.36 ) | (0.07 ) | (0.43 ) |
Year Ended 7/31/2021 | $13.50 | 0.38 | 0.38 | 0.76 | (0.38 ) | (0.04 ) | (0.42 ) |
Year Ended 7/31/2020 | $13.63 | 0.43 | (0.06 ) | 0.37 | (0.43 ) | (0.07 ) | (0.50 ) |
Year Ended 7/31/2019 | $13.35 | 0.50 | 0.34 | 0.84 | (0.55 ) | (0.01 ) | (0.56 ) |
Advisor Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.70 | 0.22 | 0.17 | 0.39 | (0.22 ) | — | (0.22 ) |
Year Ended 7/31/2023 | $12.16 | 0.43 | (0.46 ) | (0.03 ) | (0.43 ) | — | (0.43 ) |
Year Ended 7/31/2022 | $13.83 | 0.39 | (1.60 ) | (1.21 ) | (0.39 ) | (0.07 ) | (0.46 ) |
Year Ended 7/31/2021 | $13.50 | 0.40 | 0.38 | 0.78 | (0.41 ) | (0.04 ) | (0.45 ) |
Year Ended 7/31/2020 | $13.63 | 0.45 | (0.05 ) | 0.40 | (0.46 ) | (0.07 ) | (0.53 ) |
Year Ended 7/31/2019 | $13.35 | 0.52 | 0.35 | 0.87 | (0.58 ) | (0.01 ) | (0.59 ) |
Class C | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.70 | 0.17 | 0.17 | 0.34 | (0.17 ) | — | (0.17 ) |
Year Ended 7/31/2023 | $12.16 | 0.34 | (0.47 ) | (0.13 ) | (0.33 ) | — | (0.33 ) |
Year Ended 7/31/2022 | $13.83 | 0.29 | (1.60 ) | (1.31 ) | (0.29 ) | (0.07 ) | (0.36 ) |
Year Ended 7/31/2021 | $13.50 | 0.29 | 0.38 | 0.67 | (0.30 ) | (0.04 ) | (0.34 ) |
Year Ended 7/31/2020 | $13.63 | 0.34 | (0.06 ) | 0.28 | (0.34 ) | (0.07 ) | (0.41 ) |
Year Ended 7/31/2019 | $13.35 | 0.41 | 0.35 | 0.76 | (0.47 ) | (0.01 ) | (0.48 ) |
Institutional Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.71 | 0.22 | 0.16 | 0.38 | (0.22 ) | — | (0.22 ) |
Year Ended 7/31/2023 | $12.16 | 0.43 | (0.45 ) | (0.02 ) | (0.43 ) | — | (0.43 ) |
Year Ended 7/31/2022 | $13.84 | 0.39 | (1.61 ) | (1.22 ) | (0.39 ) | (0.07 ) | (0.46 ) |
Year Ended 7/31/2021 | $13.50 | 0.40 | 0.39 | 0.79 | (0.41 ) | (0.04 ) | (0.45 ) |
Year Ended 7/31/2020 | $13.64 | 0.45 | (0.06 ) | 0.39 | (0.46 ) | (0.07 ) | (0.53 ) |
Year Ended 7/31/2019 | $13.35 | 0.52 | 0.36 | 0.88 | (0.58 ) | (0.01 ) | (0.59 ) |
Institutional 2 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.71 | 0.22 | 0.16 | 0.38 | (0.22 ) | — | (0.22 ) |
Year Ended 7/31/2023 | $12.16 | 0.43 | (0.45 ) | (0.02 ) | (0.43 ) | — | (0.43 ) |
Year Ended 7/31/2022 | $13.84 | 0.39 | (1.61 ) | (1.22 ) | (0.39 ) | (0.07 ) | (0.46 ) |
Year Ended 7/31/2021 | $13.50 | 0.41 | 0.38 | 0.79 | (0.41 ) | (0.04 ) | (0.45 ) |
Year Ended 7/31/2020 | $13.64 | 0.45 | (0.06 ) | 0.39 | (0.46 ) | (0.07 ) | (0.53 ) |
Year Ended 7/31/2019 | $13.35 | 0.52 | 0.36 | 0.88 | (0.58 ) | (0.01 ) | (0.59 ) |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.87 | 3.31% | 0.75% (c) | 0.75% (c),(d) | 3.62% | 12% | $1,642,727 |
Year Ended 7/31/2023 | $11.70 | (0.38% ) | 0.74% (c) | 0.74% (c),(d) | 3.47% | 19% | $1,694,619 |
Year Ended 7/31/2022 | $12.16 | (9.15% ) | 0.73% (c) | 0.72% (c),(d) | 2.80% | 16% | $2,037,502 |
Year Ended 7/31/2021 | $13.84 | 5.74% | 0.72% (e) | 0.72% (d),(e) | 2.78% | 13% | $2,536,239 |
Year Ended 7/31/2020 | $13.50 | 2.76% | 0.73% (e) | 0.73% (d),(e) | 3.16% | 29% | $2,550,497 |
Year Ended 7/31/2019 | $13.63 | 6.51% | 0.73% | 0.73% | 3.74% | 20% | $2,548,777 |
Advisor Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.87 | 3.41% | 0.55% (c) | 0.55% (c),(d) | 3.82% | 12% | $13,367 |
Year Ended 7/31/2023 | $11.70 | (0.18% ) | 0.54% (c) | 0.54% (c),(d) | 3.65% | 19% | $13,441 |
Year Ended 7/31/2022 | $12.16 | (8.91% ) | 0.52% (c) | 0.52% (c),(d) | 2.99% | 16% | $21,757 |
Year Ended 7/31/2021 | $13.83 | 5.88% | 0.52% (e) | 0.52% (d),(e) | 2.97% | 13% | $29,770 |
Year Ended 7/31/2020 | $13.50 | 2.96% | 0.53% (e) | 0.53% (d),(e) | 3.36% | 29% | $26,679 |
Year Ended 7/31/2019 | $13.63 | 6.72% | 0.53% | 0.53% | 3.93% | 20% | $21,407 |
Class C | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.87 | 2.99% | 1.35% (c) | 1.35% (c),(d) | 3.01% | 12% | $20,944 |
Year Ended 7/31/2023 | $11.70 | (0.98% ) | 1.34% (c) | 1.34% (c),(d) | 2.87% | 19% | $24,894 |
Year Ended 7/31/2022 | $12.16 | (9.63% ) | 1.38% (c) | 1.32% (c),(d) | 2.20% | 16% | $31,541 |
Year Ended 7/31/2021 | $13.83 | 5.03% | 1.47% (e) | 1.33% (d),(e),(f) | 2.17% | 13% | $44,740 |
Year Ended 7/31/2020 | $13.50 | 2.09% | 1.48% (e) | 1.38% (d),(e),(f) | 2.51% | 29% | $56,855 |
Year Ended 7/31/2019 | $13.63 | 5.82% | 1.48% | 1.38% (f) | 3.09% | 20% | $59,114 |
Institutional Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.87 | 3.32% | 0.55% (c) | 0.55% (c),(d) | 3.82% | 12% | $303,460 |
Year Ended 7/31/2023 | $11.71 | (0.09% ) | 0.54% (c) | 0.54% (c),(d) | 3.65% | 19% | $327,608 |
Year Ended 7/31/2022 | $12.16 | (8.97% ) | 0.53% (c) | 0.53% (c),(d) | 3.01% | 16% | $532,342 |
Year Ended 7/31/2021 | $13.84 | 5.95% | 0.52% (e) | 0.52% (d),(e) | 2.97% | 13% | $637,596 |
Year Ended 7/31/2020 | $13.50 | 2.89% | 0.53% (e) | 0.53% (d),(e) | 3.37% | 29% | $613,307 |
Year Ended 7/31/2019 | $13.64 | 6.80% | 0.53% | 0.53% | 3.94% | 20% | $781,834 |
Institutional 2 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.87 | 3.33% | 0.54% (c) | 0.54% (c) | 3.83% | 12% | $12,691 |
Year Ended 7/31/2023 | $11.71 | (0.08% ) | 0.53% (c) | 0.53% (c) | 3.68% | 19% | $13,264 |
Year Ended 7/31/2022 | $12.16 | (8.96% ) | 0.51% (c) | 0.51% (c) | 3.00% | 16% | $15,272 |
Year Ended 7/31/2021 | $13.84 | 5.97% | 0.51% (e) | 0.51% (e) | 3.00% | 13% | $22,033 |
Year Ended 7/31/2020 | $13.50 | 2.90% | 0.52% (e) | 0.52% (e) | 3.36% | 29% | $50,150 |
Year Ended 7/31/2019 | $13.64 | 6.81% | 0.52% | 0.52% | 3.94% | 20% | $8,978 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.74 | 0.22 | 0.17 | 0.39 | (0.22 ) | — | (0.22 ) |
Year Ended 7/31/2023 | $12.19 | 0.44 | (0.45 ) | (0.01 ) | (0.44 ) | — | (0.44 ) |
Year Ended 7/31/2022 | $13.88 | 0.40 | (1.62 ) | (1.22 ) | (0.40 ) | (0.07 ) | (0.47 ) |
Year Ended 7/31/2021 | $13.54 | 0.41 | 0.39 | 0.80 | (0.42 ) | (0.04 ) | (0.46 ) |
Year Ended 7/31/2020 | $13.67 | 0.46 | (0.06 ) | 0.40 | (0.46 ) | (0.07 ) | (0.53 ) |
Year Ended 7/31/2019 | $13.39 | 0.53 | 0.35 | 0.88 | (0.59 ) | (0.01 ) | (0.60 ) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | Ratios include interfund lending expense which is less than 0.01%. |
(d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(e) | Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund’s net assets, net asset value per share, total return or net investment income. |
(f) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by: |
7/31/2021 | 7/31/2020 | 7/31/2019 | |
Class C | 0.01% | 0.10% | 0.10% |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.91 | 3.44% | 0.49% (c) | 0.49% (c) | 3.88% | 12% | $99,250 |
Year Ended 7/31/2023 | $11.74 | (0.02% ) | 0.48% (c) | 0.48% (c) | 3.78% | 19% | $110,262 |
Year Ended 7/31/2022 | $12.19 | (8.96% ) | 0.47% (c) | 0.46% (c) | 3.07% | 16% | $21,828 |
Year Ended 7/31/2021 | $13.88 | 6.01% | 0.47% (e) | 0.47% (e) | 3.03% | 13% | $27,202 |
Year Ended 7/31/2020 | $13.54 | 3.03% | 0.47% (e) | 0.47% (e) | 3.42% | 29% | $20,467 |
Year Ended 7/31/2019 | $13.67 | 6.78% | 0.47% | 0.47% | 3.97% | 20% | $17,056 |
Amount of realized gain (loss) on derivatives recognized in income | |
Risk exposure category | Futures contracts ($) |
Interest rate risk | 2,898,993 |
Derivative instrument | Average notional amounts ($) |
Futures contracts — short | 23,196,968 |
Effective rate (%) | |
Class A | 0.07 |
Advisor Class | 0.07 |
Class C | 0.07 |
Institutional Class | 0.07 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75 (a) | 89,012 |
Class C | — | 1.00 (b) | 336 |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
December 1, 2023 through November 30, 2024 | Prior to December 1, 2023 | |
Class A | 0.75 % | 0.76 % |
Advisor Class | 0.55 | 0.56 |
Class C | 1.35 | 1.36 |
Institutional Class | 0.55 | 0.56 |
Institutional 2 Class | 0.53 | 0.55 |
Institutional 3 Class | 0.49 | 0.50 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
2,210,128,000 | 32,000,000 | (156,777,000 ) | (124,777,000 ) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) |
(18,448,065 ) | (73,318,508 ) | (91,766,573 ) |
Borrower or lender | Average loan balance ($) | Weighted average interest rate (%) | Number of days with outstanding loans |
Borrower | 1,172,727 | 5.87 | 11 |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Average annual total returns (%) (for the period ended January 31, 2024) | ||||||
Inception | 6 Months cumulative | 1 Year | 5 Years | 10 Years | ||
Class A | Excluding sales charges | 11/01/02 | 2.12 | 1.47 | 1.19 | 1.71 |
Including sales charges | -0.97 | -1.55 | 0.57 | 1.40 | ||
Advisor Class | 03/19/13 | 2.25 | 1.73 | 1.44 | 1.96 | |
Class C | Excluding sales charges | 10/13/03 | 1.89 | 1.01 | 0.73 | 1.26 |
Including sales charges | 0.89 | 0.02 | 0.73 | 1.26 | ||
Institutional Class | 07/02/84 | 2.25 | 1.72 | 1.44 | 1.96 | |
Institutional 2 Class | 11/08/12 | 2.27 | 1.75 | 1.47 | 2.00 | |
Institutional 3 Class* | 03/01/17 | 2.38 | 1.89 | 1.54 | 2.02 | |
Bloomberg 3-15 Year Blend Municipal Bond Index | 2.59 | 2.54 | 1.98 | 2.53 |
Quality breakdown (%) (at January 31, 2024) | |
AAA rating | 5.2 |
AA rating | 73.4 |
A rating | 14.5 |
BBB rating | 1.5 |
BB rating | 0.8 |
Not rated | 4.6 |
Total | 100.0 |
August 1, 2023 — January 31, 2024 | |||||||
Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
Class A | 1,000.00 | 1,000.00 | 1,021.20 | 1,021.06 | 4.12 | 4.12 | 0.81 |
Advisor Class | 1,000.00 | 1,000.00 | 1,022.50 | 1,022.37 | 2.80 | 2.80 | 0.55 |
Class C | 1,000.00 | 1,000.00 | 1,018.90 | 1,018.80 | 6.39 | 6.39 | 1.26 |
Institutional Class | 1,000.00 | 1,000.00 | 1,022.50 | 1,022.32 | 2.85 | 2.85 | 0.56 |
Institutional 2 Class | 1,000.00 | 1,000.00 | 1,022.70 | 1,022.47 | 2.69 | 2.69 | 0.53 |
Institutional 3 Class | 1,000.00 | 1,000.00 | 1,023.80 | 1,022.72 | 2.44 | 2.44 | 0.48 |
Municipal Bonds 99.2% | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Airport 5.2% | ||||
Port of Portland | ||||
Refunding Revenue Bonds | ||||
Portland International Airport | ||||
Series 2015-23 | ||||
07/01/2028 | 5.000% | 1,240,000 | 1,270,440 | |
07/01/2031 | 5.000% | 1,750,000 | 1,791,150 | |
07/01/2032 | 5.000% | 2,000,000 | 2,046,859 | |
Port of Portland(a) | ||||
Revenue Bonds | ||||
Portland International Airport | ||||
Series 2022 | ||||
07/01/2039 | 4.000% | 5,000,000 | 5,003,879 | |
Port of Portland Airport(a) | ||||
Revenue Bonds | ||||
Portland International Airport | ||||
Series 2019 | ||||
07/01/2035 | 5.000% | 1,680,000 | 1,805,099 | |
07/01/2036 | 5.000% | 650,000 | 695,126 | |
Series 2020A-27 | ||||
07/01/2030 | 5.000% | 3,000,000 | 3,306,564 | |
Total | 15,919,117 | |||
Charter Schools 0.2% | ||||
Oregon State Facilities Authority(b) | ||||
Revenue Bonds | ||||
Redmond Proficiency Academy Project | ||||
Series 2015 | ||||
06/15/2025 | 4.750% | 180,000 | 179,684 | |
06/15/2035 | 5.500% | 540,000 | 540,877 | |
Total | 720,561 | |||
Higher Education 1.5% | ||||
City of Forest Grove | ||||
Refunding Revenue Bonds | ||||
Campus Improvement Pacific University Project | ||||
Series 2015 | ||||
05/01/2030 | 5.000% | 550,000 | 558,595 | |
05/01/2036 | 5.000% | 1,500,000 | 1,515,667 | |
Oak Tree Foundation Project | ||||
Series 2017 | ||||
03/01/2025 | 5.000% | 200,000 | 201,778 | |
Pacific University | ||||
Series 2022 | ||||
05/01/2037 | 4.000% | 635,000 | 613,508 | |
County of Yamhill | ||||
Refunding Revenue Bonds | ||||
George Fox University Project | ||||
Series 2021 | ||||
12/01/2036 | 4.000% | 500,000 | 497,721 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Oregon State Facilities Authority | ||||
Refunding Revenue Bonds | ||||
University of Portland | ||||
Series 2015A | ||||
04/01/2030 | 5.000% | 500,000 | 512,293 | |
04/01/2031 | 5.000% | 530,000 | 542,657 | |
Total | 4,442,219 | |||
Hospital 12.6% | ||||
Klamath Falls Intercommunity Hospital Authority | ||||
Refunding Revenue Bonds | ||||
Sky Lakes Medical Center Project | ||||
Series 2016 | ||||
09/01/2028 | 5.000% | 265,000 | 273,424 | |
09/01/2030 | 5.000% | 830,000 | 854,105 | |
09/01/2031 | 5.000% | 500,000 | 513,469 | |
09/01/2032 | 5.000% | 270,000 | 277,240 | |
Medford Hospital Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Asante Project | ||||
Series 2020A | ||||
08/15/2033 | 5.000% | 1,200,000 | 1,330,647 | |
08/15/2037 | 5.000% | 2,900,000 | 3,151,695 | |
08/15/2039 | 4.000% | 1,100,000 | 1,102,118 | |
Oregon Health & Science University | ||||
Refunding Revenue Bonds | ||||
Series 2016B | ||||
07/01/2034 | 5.000% | 7,500,000 | 7,796,212 | |
Series 2019A | ||||
07/01/2032 | 5.000% | 5,175,000 | 5,798,370 | |
Series 2021B-2 (Mandatory Put 02/01/32) | ||||
07/01/2046 | 5.000% | 1,235,000 | 1,397,241 | |
Revenue Bonds | ||||
Green Bonds | ||||
Series 2021A | ||||
07/01/2038 | 5.000% | 1,000,000 | 1,122,101 | |
Oregon State Facilities Authority | ||||
Refunding Revenue Bonds | ||||
Legacy Health Project | ||||
Series 2016A | ||||
06/01/2033 | 5.000% | 1,600,000 | 1,657,738 | |
06/01/2034 | 5.000% | 3,185,000 | 3,296,330 | |
PeaceHealth Project | ||||
Series 2014A | ||||
11/15/2029 | 5.000% | 1,600,000 | 1,607,501 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Salem Hospital Facility Authority | ||||
Refunding Revenue Bonds | ||||
Salem Health Projects | ||||
Series 2016A | ||||
05/15/2029 | 5.000% | 1,000,000 | 1,038,732 | |
05/15/2030 | 5.000% | 1,000,000 | 1,040,051 | |
05/15/2031 | 5.000% | 1,025,000 | 1,066,234 | |
05/15/2041 | 4.000% | 2,500,000 | 2,484,553 | |
Series 2019 | ||||
05/15/2037 | 5.000% | 2,305,000 | 2,468,278 | |
Total | 38,276,039 | |||
Local General Obligation 29.1% | ||||
Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis(c) | ||||
Unlimited General Obligation Bonds | ||||
Series 2018A | ||||
06/15/2038 | 5.000% | 500,000 | 536,197 | |
Blue Mountain Community College District | ||||
Unlimited General Obligation Bonds | ||||
Series 2015 | ||||
06/15/2029 | 4.000% | 1,000,000 | 1,015,501 | |
Boardman Park & Recreation District | ||||
Unlimited General Obligation Bonds | ||||
Series 2015 | ||||
06/15/2035 | 5.250% | 3,400,000 | 3,458,418 | |
Central Oregon Community College | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2021 | ||||
06/15/2028 | 4.000% | 525,000 | 554,035 | |
Chemeketa Community College District | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2014 | ||||
06/15/2026 | 5.000% | 1,100,000 | 1,107,026 | |
Series 2015 | ||||
06/15/2026 | 4.000% | 1,745,000 | 1,765,857 | |
City of Lebanon | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
06/01/2026 | 5.000% | 1,675,000 | 1,719,078 | |
06/01/2027 | 5.000% | 1,715,000 | 1,758,320 | |
City of Portland | ||||
Limited General Obligation Bonds | ||||
Limited Tax Sellwood Bridge Project | ||||
Series 2014 | ||||
06/01/2024 | 5.000% | 1,985,000 | 1,997,854 | |
Unlimited General Obligation Refunding Bonds | ||||
Public Safety Projects and Emergency Facilities | ||||
Series 2014 | ||||
06/15/2024 | 5.000% | 1,885,000 | 1,898,714 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Redmond | ||||
Limited General Obligation Bonds | ||||
Series 2014A | ||||
06/01/2027 | 5.000% | 685,000 | 689,208 | |
City of Salem | ||||
Unlimited General Obligation Bonds | ||||
Series 2023B | ||||
06/01/2039 | 5.000% | 2,500,000 | 2,862,874 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2017 | ||||
06/01/2030 | 4.000% | 2,000,000 | 2,080,121 | |
City of Sisters | ||||
Limited General Obligation Refunding Bonds | ||||
Series 2016 | ||||
12/01/2035 | 4.000% | 620,000 | 625,290 | |
Clackamas & Washington Counties School District No. 3 | ||||
Unlimited General Obligation Bonds | ||||
Series 2020B | ||||
06/15/2028 | 5.000% | 275,000 | 302,557 | |
06/15/2029 | 5.000% | 435,000 | 488,076 | |
Clackamas Community College District(c) | ||||
Unlimited General Obligation Bonds | ||||
Convertible Deferred Interest | ||||
Series 2017A | ||||
06/15/2038 | 5.000% | 760,000 | 800,838 | |
Clackamas County School District No. 108 Estacada | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2005 (AGM) | ||||
06/15/2025 | 5.500% | 2,485,000 | 2,572,619 | |
Clackamas County School District No. 12 North Clackamas | ||||
Unlimited General Obligation Bonds | ||||
Series 2017B | ||||
06/15/2033 | 5.000% | 3,500,000 | 3,750,425 | |
Clatsop County School District No. 1-C | ||||
Unlimited General Obligation Bonds | ||||
Astoria | ||||
06/15/2035 | 5.000% | 1,650,000 | 1,843,471 | |
Clatsop County School District No. 30 Warrenton-Hammond(d) | ||||
Unlimited General Obligation Bonds | ||||
Deferred Interest | ||||
Series 2019 | ||||
06/15/2035 | 0.000% | 1,000,000 | 649,594 | |
Columbia County School District No. 502(d) | ||||
Unlimited General Obligation Bonds | ||||
Deferred Interest | ||||
Series 2020A | ||||
06/15/2033 | 0.000% | 300,000 | 207,467 | |
Coos County School District No. 9 Coos Bay | ||||
Unlimited General Obligation Bonds | ||||
Series 2018 | ||||
06/15/2034 | 5.000% | 500,000 | 551,568 | |
06/15/2035 | 5.000% | 1,000,000 | 1,099,682 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Deschutes & Jefferson Counties School District No. 2J Redmond | ||||
Unlimited General Obligation Bonds | ||||
Series 2021 | ||||
06/15/2038 | 4.000% | 650,000 | 674,026 | |
Deschutes County School District No. 6 Sisters | ||||
Unlimited General Obligation Bonds | ||||
Series 2021 | ||||
06/15/2033 | 4.000% | 380,000 | 411,998 | |
Hillsboro School District No. 1J | ||||
Unlimited General Obligation Bonds | ||||
Washington, Yamhill and Multnomah Counties | ||||
Series 2017 | ||||
06/15/2035 | 5.000% | 2,500,000 | 2,662,274 | |
Series 2020 | ||||
06/15/2029 | 5.000% | 550,000 | 617,107 | |
06/15/2038 | 4.000% | 2,500,000 | 2,584,069 | |
Jackson County School District No. 4(d) | ||||
Unlimited General Obligation Bonds | ||||
Series 2018A | ||||
06/15/2033 | 0.000% | 1,000,000 | 697,961 | |
Jackson County School District No. 5 Ashland | ||||
Unlimited General Obligation Bonds | ||||
Series 2019 | ||||
06/15/2036 | 5.000% | 3,000,000 | 3,321,120 | |
Jackson County School District No. 6 Central Point | ||||
Unlimited General Obligation Bonds | ||||
Series 2019A | ||||
06/15/2036 | 4.000% | 1,145,000 | 1,191,340 | |
Lane Community College | ||||
Unlimited General Obligation Bonds | ||||
Series 2020A | ||||
06/15/2033 | 4.000% | 1,000,000 | 1,078,593 | |
06/15/2037 | 4.000% | 2,000,000 | 2,100,437 | |
Lane County School District No. 1 Pleasant Hill(d) | ||||
Unlimited General Obligation Bonds | ||||
Series 2014B | ||||
06/15/2029 | 0.000% | 1,775,000 | 1,500,516 | |
Lane County School District No. 19 Springfield(d) | ||||
Unlimited General Obligation Bonds | ||||
Series 2015B | ||||
06/15/2033 | 0.000% | 3,770,000 | 2,788,342 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2015D | ||||
06/15/2024 | 0.000% | 2,305,000 | 2,276,909 | |
06/15/2028 | 0.000% | 1,480,000 | 1,290,490 | |
Lane County School District No. 52 Bethel | ||||
Unlimited General Obligation Bonds | ||||
Series 2021B | ||||
06/15/2035 | 4.000% | 1,590,000 | 1,702,375 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Linn & Benton Counties School District No. 8J Greater Albany | ||||
Unlimited General Obligation Bonds | ||||
Series 2017 | ||||
06/15/2030 | 5.000% | 1,000,000 | 1,074,554 | |
Marion County School District No. 15 North Marion | ||||
Unlimited General Obligation Bonds | ||||
Series 2018B | ||||
06/15/2032 | 5.000% | 1,000,000 | 1,103,025 | |
06/15/2033 | 5.000% | 240,000 | 264,862 | |
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow(d) | ||||
Unlimited General Obligation Bonds | ||||
Series 2017A | ||||
06/15/2033 | 0.000% | 4,000,000 | 2,737,247 | |
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow | ||||
Unlimited General Obligation Bonds | ||||
Series 2017B | ||||
06/15/2031 | 5.000% | 3,000,000 | 3,215,650 | |
Multnomah County School District No. 7 Reynolds(d) | ||||
Unlimited General Obligation Bonds | ||||
Deferred Interest | ||||
Series 2015B | ||||
06/15/2030 | 0.000% | 4,000,000 | 3,114,215 | |
Polk Marion & Benton Counties School District No. 13J Central | ||||
Unlimited General Obligation Refunding Bonds | ||||
Series 2015 | ||||
02/01/2027 | 4.000% | 750,000 | 757,333 | |
02/01/2028 | 4.000% | 1,000,000 | 1,010,707 | |
Portland Community College District | ||||
Unlimited General Obligation Bonds | ||||
Series 2018 | ||||
06/15/2029 | 5.000% | 1,000,000 | 1,050,340 | |
Series 2023 | ||||
06/15/2038 | 5.000% | 1,000,000 | 1,158,172 | |
Unlimited General Obligation Refunding Bonds | ||||
Series 2016 | ||||
06/15/2027 | 5.000% | 2,100,000 | 2,211,645 | |
Salem-Keizer School District No. 24J | ||||
Unlimited General Obligation Bonds | ||||
Series 2018 | ||||
06/15/2035 | 4.000% | 1,000,000 | 1,045,798 | |
Series 2020B | ||||
06/15/2033 | 5.000% | 1,450,000 | 1,660,081 | |
06/15/2034 | 5.000% | 2,000,000 | 2,280,872 | |
Washington Clackamas & Yamhill Counties School District No. 88J(d) | ||||
Unlimited General Obligation Bonds | ||||
Deferred Interest | ||||
Series 2018A | ||||
06/15/2037 | 0.000% | 3,500,000 | 2,012,447 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Washington Clackamas & Yamhill Counties School District No. 88J | ||||
Unlimited General Obligation Bonds | ||||
Sherwood College | ||||
Series 2017B | ||||
06/15/2031 | 5.000% | 4,500,000 | 4,823,475 | |
Total | 88,752,770 | |||
Multi-Family 1.0% | ||||
Oregon State Facilities Authority(b) | ||||
Revenue Bonds | ||||
College Housing Northwest Project | ||||
Series 2016A | ||||
10/01/2026 | 4.000% | 200,000 | 195,496 | |
10/01/2036 | 5.000% | 1,000,000 | 951,242 | |
State of Oregon Housing & Community Services Department(c) | ||||
Revenue Bonds | ||||
Plaza Los Amigos Apartments Project | ||||
Series 2022 (Mandatory Put 02/01/25) | ||||
02/01/2026 | 3.000% | 2,000,000 | 1,984,064 | |
Total | 3,130,802 | |||
Municipal Power 2.2% | ||||
Central Lincoln People’s Utility District JATC, Inc. | ||||
Revenue Bonds | ||||
Series 2016 | ||||
12/01/2033 | 5.000% | 350,000 | 360,851 | |
12/01/2034 | 5.000% | 400,000 | 412,402 | |
12/01/2035 | 5.000% | 410,000 | 422,564 | |
12/01/2036 | 5.000% | 440,000 | 453,325 | |
City of Eugene Electric Utility System | ||||
Revenue Bonds | ||||
Series 2017 | ||||
08/01/2029 | 5.000% | 530,000 | 570,145 | |
08/01/2030 | 5.000% | 420,000 | 451,232 | |
08/01/2031 | 5.000% | 450,000 | 481,290 | |
08/01/2032 | 5.000% | 250,000 | 267,212 | |
Northern Wasco County Peoples Utility District | ||||
Revenue Bonds | ||||
Series 2016 | ||||
12/01/2031 | 5.000% | 1,455,000 | 1,533,977 | |
12/01/2036 | 5.000% | 1,545,000 | 1,610,915 | |
Total | 6,563,913 | |||
Other Bond Issue 0.2% | ||||
Warm Springs Reservation Confederated Tribe(b),(e) | ||||
Refunding Revenue Bonds | ||||
Green Bonds - Pelton-Round Butte Project | ||||
Series 2019 | ||||
11/01/2036 | 5.000% | 590,000 | 646,089 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Pool / Bond Bank 0.7% | ||||
Oregon State Bond Bank | ||||
Refunding Revenue Bonds | ||||
Series 2018A | ||||
01/01/2028 | 5.000% | 850,000 | 884,671 | |
01/01/2029 | 5.000% | 1,120,000 | 1,165,259 | |
Total | 2,049,930 | |||
Ports 0.8% | ||||
Port of Morrow | ||||
Limited General Obligation Refunding Bonds | ||||
Subordinated Series 2021D | ||||
12/01/2034 | 4.000% | 1,250,000 | 1,275,405 | |
12/01/2035 | 4.000% | 1,290,000 | 1,313,634 | |
Total | 2,589,039 | |||
Refunded / Escrowed 10.1% | ||||
Clackamas County School District No. 12 North Clackamas | ||||
Prerefunded 06/15/24 Unlimited General Obligation Bonds | ||||
Series 2014 | ||||
06/15/2029 | 5.000% | 1,500,000 | 1,510,320 | |
Hospital Facilities Authority of Multnomah County | ||||
Prerefunded 10/01/24 Revenue Bonds | ||||
Mirabella at South Waterfront | ||||
Series 2014A | ||||
10/01/2034 | 5.125% | 4,000,000 | 4,044,996 | |
Klamath Falls City Schools | ||||
Prerefunded 06/15/25 Unlimited General Obligation Bonds | ||||
Series 2015A | ||||
06/15/2028 | 4.000% | 500,000 | 507,581 | |
Lane County School District No. 19 Springfield | ||||
Prerefunded 06/15/25 Unlimited General Obligation Bonds | ||||
Series 2015A | ||||
06/15/2031 | 5.000% | 2,000,000 | 2,056,981 | |
Oregon State Facilities Authority | ||||
Prerefunded 07/01/27 Revenue Bonds | ||||
Reed College Project | ||||
Series 2017A | ||||
07/01/2032 | 4.000% | 250,000 | 260,363 | |
Puerto Rico Public Finance Corp.(e) | ||||
Unrefunded Revenue Bonds | ||||
Commonwealth Appropriation | ||||
Series 2002E Escrowed to Maturity | ||||
08/01/2026 | 6.000% | 5,000,000 | 5,388,611 | |
State of Oregon | ||||
Prerefunded 08/01/25 Unlimited General Obligation Bonds | ||||
Series 2015O | ||||
08/01/2035 | 5.000% | 2,255,000 | 2,327,556 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Tri-County Metropolitan Transportation District of Oregon | ||||
Prerefunded 09/01/26 Revenue Bonds | ||||
Senior Lien | ||||
Series 2016 | ||||
09/01/2031 | 4.000% | 1,000,000 | 1,033,294 | |
09/01/2032 | 4.000% | 1,250,000 | 1,291,618 | |
Senior Lien Payroll Tax | ||||
Series 2017A | ||||
09/01/2032 | 5.000% | 1,595,000 | 1,687,625 | |
Prerefunded 09/01/27 Revenue Bonds | ||||
Series 2018A | ||||
09/01/2034 | 5.000% | 550,000 | 595,642 | |
09/01/2035 | 5.000% | 800,000 | 866,388 | |
Umatilla County School District No. 16R Pendleton | ||||
Prerefunded 06/15/24 Unlimited General Obligation Bonds | ||||
Series 2014A | ||||
06/15/2030 | 5.000% | 1,110,000 | 1,117,637 | |
06/15/2031 | 5.000% | 2,890,000 | 2,909,884 | |
Union County School District No. 1 La Grande | ||||
Prerefunded 06/15/25 Unlimited General Obligation Bonds | ||||
Series 2015 | ||||
06/15/2030 | 4.000% | 1,000,000 | 1,014,487 | |
Washington & Multnomah Counties School District No. 48J Beaverton | ||||
Prerefunded 06/15/24 Unlimited General Obligation Bonds | ||||
Series 2014 | ||||
06/15/2033 | 5.000% | 4,000,000 | 4,027,521 | |
Total | 30,640,504 | |||
Retirement Communities 1.0% | ||||
Clackamas County Hospital Facility Authority | ||||
Revenue Bonds | ||||
Mary’s Woods at Marylhurst, Inc. | ||||
Series 2018 | ||||
05/15/2038 | 5.000% | 220,000 | 204,661 | |
Hospital Facilities Authority of Multnomah County | ||||
Refunding Revenue Bonds | ||||
Terwilliger Plaza, Inc. | ||||
Series 2016 | ||||
12/01/2030 | 5.000% | 325,000 | 323,863 | |
12/01/2036 | 5.000% | 900,000 | 868,532 | |
Salem Hospital Facility Authority | ||||
Refunding Revenue Bonds | ||||
Capital Manor Project | ||||
Series 2022 | ||||
05/15/2040 | 4.000% | 800,000 | 693,757 | |
Revenue Bonds | ||||
Capital Manor Project | ||||
Series 2018 | ||||
05/15/2033 | 5.000% | 550,000 | 556,087 | |
05/15/2038 | 5.000% | 500,000 | 495,432 | |
Total | 3,142,332 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Single Family 2.1% | ||||
State of Oregon Housing & Community Services Department | ||||
Revenue Bonds | ||||
Series 2017D | ||||
07/01/2032 | 3.150% | 1,485,000 | 1,429,011 | |
Series 2020A | ||||
07/01/2028 | 1.700% | 1,040,000 | 939,642 | |
01/01/2029 | 1.750% | 1,010,000 | 908,120 | |
Series 2020C | ||||
07/01/2035 | 2.000% | 2,000,000 | 1,670,764 | |
Single-Family Mortgage Program | ||||
Series 2021A | ||||
07/01/2027 | 0.950% | 1,015,000 | 930,241 | |
01/01/2029 | 1.200% | 250,000 | 215,263 | |
01/01/2030 | 1.450% | 375,000 | 322,511 | |
Total | 6,415,552 | |||
Special Non Property Tax 13.0% | ||||
Metro | ||||
Revenue Bonds | ||||
Convention Center Hotel | ||||
Series 2017 | ||||
06/15/2030 | 5.000% | 435,000 | 464,244 | |
06/15/2031 | 5.000% | 725,000 | 771,820 | |
06/15/2032 | 5.000% | 780,000 | 828,569 | |
Oregon State Lottery | ||||
Refunding Revenue Bonds | ||||
Series 2014B | ||||
04/01/2027 | 5.000% | 1,750,000 | 1,754,270 | |
Series 2015D | ||||
04/01/2027 | 5.000% | 2,500,000 | 2,556,466 | |
04/01/2028 | 5.000% | 3,280,000 | 3,352,947 | |
Revenue Bonds | ||||
Series 2017A | ||||
04/01/2035 | 5.000% | 1,785,000 | 1,891,468 | |
Series 2019A | ||||
04/01/2036 | 5.000% | 1,000,000 | 1,110,811 | |
Series 2022A | ||||
04/01/2035 | 5.000% | 2,250,000 | 2,650,910 | |
Series 2023A | ||||
04/01/2040 | 5.000% | 1,145,000 | 1,308,908 | |
State of Oregon Department of Transportation | ||||
Refunding Revenue Bonds | ||||
Senior Lien | ||||
Series 2017B | ||||
11/15/2026 | 5.000% | 4,000,000 | 4,253,378 | |
Senior Lien User Tax | ||||
Series 2017C | ||||
11/15/2026 | 5.000% | 1,000,000 | 1,063,345 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Subordinated Series 2019A | ||||
11/15/2036 | 5.000% | 2,000,000 | 2,232,143 | |
11/15/2038 | 5.000% | 1,020,000 | 1,123,628 | |
Revenue Bonds | ||||
Series 2022A | ||||
11/15/2040 | 5.000% | 2,000,000 | 2,291,970 | |
Subordinated Series 2020A | ||||
11/15/2037 | 5.000% | 4,850,000 | 5,483,757 | |
Subordinated Series 2023A | ||||
11/15/2039 | 5.000% | 2,000,000 | 2,313,470 | |
Tri-County Metropolitan Transportation District | ||||
Revenue Bonds | ||||
Series 2019A | ||||
09/01/2038 | 5.000% | 1,000,000 | 1,100,532 | |
Tri-County Metropolitan Transportation District of Oregon | ||||
Revenue Bonds | ||||
Series 2019A | ||||
09/01/2037 | 5.000% | 1,500,000 | 1,662,278 | |
09/01/2039 | 4.000% | 1,460,000 | 1,490,623 | |
Total | 39,705,537 | |||
State General Obligation 7.2% | ||||
State of Oregon | ||||
Limited General Obligation Bonds | ||||
Article XI-Q State Projects | ||||
Series 2023 | ||||
11/01/2040 | 5.000% | 2,060,000 | 2,389,648 | |
Limited General Obligation Refunding Bonds | ||||
Veterans Welfare Bonds | ||||
Series 2020I | ||||
12/01/2030 | 1.950% | 555,000 | 505,442 | |
12/01/2031 | 2.000% | 450,000 | 382,481 | |
Unlimited General Obligation Bonds | ||||
Article XI - Q State Projects | ||||
Series 2017A | ||||
05/01/2026 | 5.000% | 1,250,000 | 1,313,520 | |
Series 2023 | ||||
05/01/2040 | 5.000% | 2,000,000 | 2,305,845 | |
Series 2015F | ||||
05/01/2030 | 5.000% | 5,565,000 | 5,699,353 | |
Series 2019 | ||||
06/01/2038 | 5.000% | 3,000,000 | 3,295,567 | |
Series 2019G | ||||
08/01/2033 | 5.000% | 1,320,000 | 1,485,105 | |
Series 2023G | ||||
08/01/2041 | 5.000% | 2,320,000 | 2,673,377 | |
Unlimited General Obligation Notes | ||||
Higher Education | ||||
Series 2016C | ||||
08/01/2033 | 5.000% | 750,000 | 787,049 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
Series 2016A | ||||
08/01/2031 | 3.500% | 500,000 | 507,137 | |
08/01/2032 | 3.500% | 500,000 | 505,685 | |
Total | 21,850,209 | |||
Transportation 3.4% | ||||
Tri-County Metropolitan Transportation District of Oregon | ||||
Refunding Revenue Bonds | ||||
Series 2017 | ||||
10/01/2026 | 5.000% | 1,235,000 | 1,302,479 | |
10/01/2027 | 5.000% | 1,485,000 | 1,597,752 | |
Revenue Bonds | ||||
Series 2018A | ||||
10/01/2032 | 5.000% | 6,800,000 | 7,361,863 | |
Total | 10,262,094 | |||
Water & Sewer 8.9% | ||||
City of Beaverton Water | ||||
Revenue Bonds | ||||
Series 2018 | ||||
04/01/2034 | 5.000% | 1,125,000 | 1,231,658 | |
City of Bend Sewer | ||||
Revenue Bonds | ||||
Series 2020 | ||||
05/01/2039 | 5.000% | 1,390,000 | 1,531,767 | |
City of Eugene Water Utility System | ||||
Refunding Revenue Bonds | ||||
Utility System | ||||
Series 2016 | ||||
08/01/2032 | 4.000% | 500,000 | 514,756 | |
Revenue Bonds | ||||
Series 2023 | ||||
08/01/2040 | 5.000% | 190,000 | 216,885 | |
08/01/2041 | 5.000% | 525,000 | 596,649 | |
City of Portland Sewer System | ||||
Refunding Revenue Bonds | ||||
2nd Lien | ||||
Subordinated Series 2023A | ||||
12/01/2041 | 5.000% | 2,000,000 | 2,296,453 | |
12/01/2043 | 5.000% | 1,085,000 | 1,236,387 | |
City of Portland Water System | ||||
Refunding Revenue Bonds | ||||
1st Lien | ||||
Series 2016A | ||||
04/01/2030 | 4.000% | 7,375,000 | 7,564,406 | |
Revenue Bonds | ||||
Second Lien | ||||
Subordinated Series 2019A | ||||
05/01/2036 | 5.000% | 1,500,000 | 1,669,832 | |
Series 2014A | ||||
05/01/2028 | 4.000% | 3,390,000 | 3,398,337 |
Municipal Bonds (continued) | ||||
Issue Description | Coupon Rate | Principal Amount ($) | Value ($) | |
City of Springfield Sewer System | ||||
Refunding Revenue Bonds | ||||
Series 2017 | ||||
04/01/2025 | 4.000% | 200,000 | 202,330 | |
04/01/2026 | 4.000% | 250,000 | 256,112 | |
04/01/2027 | 4.000% | 270,000 | 280,106 | |
Clackamas River Water | ||||
Revenue Bonds | ||||
Series 2016 | ||||
11/01/2032 | 5.000% | 200,000 | 204,260 | |
11/01/2033 | 5.000% | 265,000 | 270,449 | |
11/01/2034 | 5.000% | 250,000 | 255,048 | |
11/01/2035 | 5.000% | 225,000 | 229,461 | |
11/01/2036 | 5.000% | 200,000 | 203,940 | |
11/01/2043 | 5.000% | 1,970,000 | 2,002,044 | |
Tualatin Valley Water District | ||||
Revenue Bonds | ||||
Series 2023 | ||||
06/01/2040 | 5.000% | 2,560,000 | 2,927,754 | |
Total | 27,088,634 | |||
Total Municipal Bonds (Cost $306,956,600) | 302,195,341 |
Money Market Funds 0.1% | ||
Shares | Value ($) | |
BlackRock Liquidity Funds MuniCash, Institutional Shares, 4.086%(f) | 365,178 | 365,215 |
Total Money Market Funds (Cost $365,178) | 365,215 | |
Total Investments in Securities (Cost: $307,321,778) | 302,560,556 | |
Other Assets & Liabilities, Net | 2,046,682 | |
Net Assets | 304,607,238 |
(a) | Income from this security may be subject to alternative minimum tax. |
(b) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At January 31, 2024, the total value of these securities amounted to $2,513,388, which represents 0.83% of total net assets. |
(c) | Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of January 31, 2024. |
(d) | Zero coupon bond. |
(e) | Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At January 31, 2024, the total value of these securities amounted to $6,034,700, which represents 1.98% of total net assets. |
(f) | The rate shown is the seven-day current annualized yield at January 31, 2024. |
AGM | Assured Guaranty Municipal Corporation |
Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
Investments in Securities | ||||
Municipal Bonds | — | 302,195,341 | — | 302,195,341 |
Money Market Funds | 365,215 | — | — | 365,215 |
Total Investments in Securities | 365,215 | 302,195,341 | — | 302,560,556 |
Assets | |
Investments in securities, at value | |
Unaffiliated issuers (cost $307,321,778) | $302,560,556 |
Cash | 1,394 |
Receivable for: | |
Capital shares sold | 779,536 |
Dividends | 3,119 |
Interest | 2,873,607 |
Expense reimbursement due from Investment Manager | 234 |
Prepaid expenses | 3,529 |
Deferred compensation of board members | 121,315 |
Other assets | 1,002 |
Total assets | 306,344,292 |
Liabilities | |
Payable for: | |
Investments purchased | 730,202 |
Capital shares redeemed | 230,595 |
Distributions to shareholders | 610,820 |
Management services fees | 3,900 |
Distribution and/or service fees | 210 |
Transfer agent fees | 18,762 |
Compensation of chief compliance officer | 29 |
Compensation of board members | 1,095 |
Other expenses | 600 |
Deferred compensation of board members | 140,841 |
Total liabilities | 1,737,054 |
Net assets applicable to outstanding capital stock | $304,607,238 |
Represented by | |
Paid in capital | 311,467,033 |
Total distributable earnings (loss) | (6,859,795 ) |
Total - representing net assets applicable to outstanding capital stock | $304,607,238 |
Class A | |
Net assets | $26,358,285 |
Shares outstanding | 2,261,872 |
Net asset value per share | $11.65 |
Maximum sales charge | 3.00% |
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $12.01 |
Advisor Class | |
Net assets | $2,253,467 |
Shares outstanding | 193,353 |
Net asset value per share | $11.65 |
Class C | |
Net assets | $1,610,097 |
Shares outstanding | 138,181 |
Net asset value per share | $11.65 |
Institutional Class | |
Net assets | $201,515,079 |
Shares outstanding | 17,292,381 |
Net asset value per share | $11.65 |
Institutional 2 Class | |
Net assets | $52,971,469 |
Shares outstanding | 4,553,291 |
Net asset value per share | $11.63 |
Institutional 3 Class | |
Net assets | $19,898,841 |
Shares outstanding | 1,705,275 |
Net asset value per share | $11.67 |
Net investment income | |
Income: | |
Dividends — unaffiliated issuers | $22,527 |
Interest | 4,347,475 |
Total income | 4,370,002 |
Expenses: | |
Management services fees | 701,019 |
Distribution and/or service fees | |
Class A | 32,785 |
Class C | 6,469 |
Transfer agent fees | |
Class A | 10,929 |
Advisor Class | 1,331 |
Class C | 769 |
Institutional Class | 81,471 |
Institutional 2 Class | 14,643 |
Institutional 3 Class | 654 |
Custodian fees | 1,092 |
Printing and postage fees | 6,975 |
Registration fees | 4,644 |
Accounting services fees | 15,581 |
Legal fees | 8,115 |
Compensation of chief compliance officer | 29 |
Compensation of board members | 7,705 |
Deferred compensation of board members | 3,117 |
Other | 6,913 |
Total expenses | 904,241 |
Fees waived or expenses reimbursed by Investment Manager and its affiliates | (51,385 ) |
Expense reduction | (260 ) |
Total net expenses | 852,596 |
Net investment income | 3,517,406 |
Realized and unrealized gain (loss) — net | |
Net realized gain (loss) on: | |
Investments — unaffiliated issuers | (364,596 ) |
Net realized loss | (364,596 ) |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated issuers | 3,543,217 |
Net change in unrealized appreciation (depreciation) | 3,543,217 |
Net realized and unrealized gain | 3,178,621 |
Net increase in net assets resulting from operations | $6,696,027 |
Six Months Ended January 31, 2024 (Unaudited) | Year Ended July 31, 2023 | |
Operations | ||
Net investment income | $3,517,406 | $6,808,594 |
Net realized loss | (364,596 ) | (1,885,599 ) |
Net change in unrealized appreciation (depreciation) | 3,543,217 | (4,895,749 ) |
Net increase in net assets resulting from operations | 6,696,027 | 27,246 |
Distributions to shareholders | ||
Net investment income and net realized gains | ||
Class A | (278,005 ) | (611,003 ) |
Advisor Class | (37,895 ) | (85,475 ) |
Class C | (15,395 ) | (42,847 ) |
Institutional Class | (2,315,974 ) | (4,542,306 ) |
Institutional 2 Class | (600,463 ) | (949,098 ) |
Institutional 3 Class | (267,172 ) | (528,449 ) |
Total distributions to shareholders | (3,514,904 ) | (6,759,178 ) |
Decrease in net assets from capital stock activity | (1,550,880 ) | (25,230,119 ) |
Total increase (decrease) in net assets | 1,630,243 | (31,962,051 ) |
Net assets at beginning of period | 302,976,995 | 334,939,046 |
Net assets at end of period | $304,607,238 | $302,976,995 |
Six Months Ended | Year Ended | |||
January 31, 2024 (Unaudited) | July 31, 2023 | |||
Shares | Dollars ($) | Shares | Dollars ($) | |
Capital stock activity | ||||
Class A | ||||
Shares sold | 176,045 | 2,013,027 | 340,632 | 3,936,634 |
Distributions reinvested | 23,223 | 265,050 | 50,877 | 583,547 |
Shares redeemed | (295,241 ) | (3,390,132 ) | (1,150,750 ) | (13,198,276 ) |
Net decrease | (95,973 ) | (1,112,055 ) | (759,241 ) | (8,678,095 ) |
Advisor Class | ||||
Shares sold | 30,016 | 347,366 | 163,769 | 1,883,887 |
Distributions reinvested | 3,259 | 37,084 | 7,396 | 84,967 |
Shares redeemed | (203,228 ) | (2,322,466 ) | (76,293 ) | (875,320 ) |
Net increase (decrease) | (169,953 ) | (1,938,016 ) | 94,872 | 1,093,534 |
Class C | ||||
Shares sold | 3,467 | 40,024 | 32,463 | 374,425 |
Distributions reinvested | 1,346 | 15,358 | 3,674 | 42,156 |
Shares redeemed | (55,032 ) | (628,912 ) | (123,695 ) | (1,423,914 ) |
Net decrease | (50,219 ) | (573,530 ) | (87,558 ) | (1,007,333 ) |
Institutional Class | ||||
Shares sold | 1,957,682 | 22,458,748 | 1,998,646 | 23,041,740 |
Distributions reinvested | 164,216 | 1,874,336 | 328,433 | 3,768,607 |
Shares redeemed | (2,053,036 ) | (23,441,494 ) | (5,634,824 ) | (64,661,161 ) |
Net increase (decrease) | 68,862 | 891,590 | (3,307,745 ) | (37,850,814 ) |
Institutional 2 Class | ||||
Shares sold | 1,018,033 | 11,554,747 | 1,603,651 | 18,433,283 |
Distributions reinvested | 52,505 | 598,519 | 82,454 | 945,193 |
Shares redeemed | (629,144 ) | (7,153,320 ) | (972,710 ) | (11,146,242 ) |
Net increase | 441,394 | 4,999,946 | 713,395 | 8,232,234 |
Institutional 3 Class | ||||
Shares sold | 128,103 | 1,470,777 | 2,325,598 | 26,700,446 |
Distributions reinvested | 7,492 | 85,612 | 13,998 | 160,760 |
Shares redeemed | (470,753 ) | (5,375,204 ) | (1,210,067 ) | (13,880,851 ) |
Net increase (decrease) | (335,158 ) | (3,818,815 ) | 1,129,529 | 12,980,355 |
Total net decrease | (141,047 ) | (1,550,880 ) | (2,216,748 ) | (25,230,119 ) |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Class A | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.53 | 0.12 | 0.12 | 0.24 | (0.12 ) | — | (0.12 ) |
Year Ended 7/31/2023 | $11.75 | 0.23 | (0.22 ) | 0.01 | (0.23 ) | — | (0.23 ) |
Year Ended 7/31/2022 | $12.70 | 0.21 | (0.95 ) | (0.74 ) | (0.21 ) | — | (0.21 ) |
Year Ended 7/31/2021 | $12.79 | 0.23 | (0.06 ) | 0.17 | (0.23 ) | (0.03 ) | (0.26 ) |
Year Ended 7/31/2020 | $12.52 | 0.27 | 0.29 | 0.56 | (0.27 ) | (0.02 ) | (0.29 ) |
Year Ended 7/31/2019 | $12.14 | 0.30 | 0.41 | 0.71 | (0.31 ) | (0.02 ) | (0.33 ) |
Advisor Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.53 | 0.14 | 0.12 | 0.26 | (0.14 ) | — | (0.14 ) |
Year Ended 7/31/2023 | $11.76 | 0.26 | (0.23 ) | 0.03 | (0.26 ) | — | (0.26 ) |
Year Ended 7/31/2022 | $12.70 | 0.24 | (0.94 ) | (0.70 ) | (0.24 ) | — | (0.24 ) |
Year Ended 7/31/2021 | $12.79 | 0.26 | (0.05 ) | 0.21 | (0.27 ) | (0.03 ) | (0.30 ) |
Year Ended 7/31/2020 | $12.52 | 0.30 | 0.29 | 0.59 | (0.30 ) | (0.02 ) | (0.32 ) |
Year Ended 7/31/2019 | $12.14 | 0.33 | 0.41 | 0.74 | (0.34 ) | (0.02 ) | (0.36 ) |
Class C | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.53 | 0.10 | 0.12 | 0.22 | (0.10 ) | — | (0.10 ) |
Year Ended 7/31/2023 | $11.75 | 0.18 | (0.23 ) | (0.05 ) | (0.17 ) | — | (0.17 ) |
Year Ended 7/31/2022 | $12.70 | 0.16 | (0.95 ) | (0.79 ) | (0.16 ) | — | (0.16 ) |
Year Ended 7/31/2021 | $12.79 | 0.17 | (0.05 ) | 0.12 | (0.18 ) | (0.03 ) | (0.21 ) |
Year Ended 7/31/2020 | $12.52 | 0.22 | 0.28 | 0.50 | (0.21 ) | (0.02 ) | (0.23 ) |
Year Ended 7/31/2019 | $12.14 | 0.25 | 0.40 | 0.65 | (0.25 ) | (0.02 ) | (0.27 ) |
Institutional Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.53 | 0.14 | 0.12 | 0.26 | (0.14 ) | — | (0.14 ) |
Year Ended 7/31/2023 | $11.75 | 0.26 | (0.22 ) | 0.04 | (0.26 ) | — | (0.26 ) |
Year Ended 7/31/2022 | $12.70 | 0.24 | (0.95 ) | (0.71 ) | (0.24 ) | — | (0.24 ) |
Year Ended 7/31/2021 | $12.79 | 0.26 | (0.05 ) | 0.21 | (0.27 ) | (0.03 ) | (0.30 ) |
Year Ended 7/31/2020 | $12.52 | 0.30 | 0.29 | 0.59 | (0.30 ) | (0.02 ) | (0.32 ) |
Year Ended 7/31/2019 | $12.14 | 0.33 | 0.41 | 0.74 | (0.34 ) | (0.02 ) | (0.36 ) |
Institutional 2 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.51 | 0.14 | 0.12 | 0.26 | (0.14 ) | — | (0.14 ) |
Year Ended 7/31/2023 | $11.73 | 0.26 | (0.22 ) | 0.04 | (0.26 ) | — | (0.26 ) |
Year Ended 7/31/2022 | $12.68 | 0.25 | (0.95 ) | (0.70 ) | (0.25 ) | — | (0.25 ) |
Year Ended 7/31/2021 | $12.77 | 0.26 | (0.05 ) | 0.21 | (0.27 ) | (0.03 ) | (0.30 ) |
Year Ended 7/31/2020 | $12.51 | 0.31 | 0.27 | 0.58 | (0.30 ) | (0.02 ) | (0.32 ) |
Year Ended 7/31/2019 | $12.12 | 0.34 | 0.41 | 0.75 | (0.34 ) | (0.02 ) | (0.36 ) |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Class A | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.65 | 2.12% | 0.84% | 0.81% (c) | 2.13% | 4% | $26,358 |
Year Ended 7/31/2023 | $11.53 | 0.08% | 0.84% (d) | 0.80% (c),(d) | 1.96% | 10% | $27,181 |
Year Ended 7/31/2022 | $11.75 | (5.83% ) | 0.84% | 0.81% (c) | 1.76% | 11% | $36,636 |
Year Ended 7/31/2021 | $12.70 | 1.38% | 0.84% | 0.81% (c) | 1.81% | 5% | $44,606 |
Year Ended 7/31/2020 | $12.79 | 4.52% | 0.84% | 0.81% (c) | 2.16% | 9% | $45,868 |
Year Ended 7/31/2019 | $12.52 | 5.94% | 0.84% | 0.83% | 2.49% | 8% | $44,185 |
Advisor Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.65 | 2.25% | 0.59% | 0.55% (c) | 2.37% | 4% | $2,253 |
Year Ended 7/31/2023 | $11.53 | 0.25% | 0.59% (d) | 0.55% (c),(d) | 2.23% | 10% | $4,189 |
Year Ended 7/31/2022 | $11.76 | (5.52% ) | 0.59% | 0.56% (c) | 2.01% | 11% | $3,156 |
Year Ended 7/31/2021 | $12.70 | 1.63% | 0.59% | 0.56% (c) | 2.06% | 5% | $3,238 |
Year Ended 7/31/2020 | $12.79 | 4.78% | 0.59% | 0.56% (c) | 2.40% | 9% | $2,415 |
Year Ended 7/31/2019 | $12.52 | 6.21% | 0.59% | 0.57% | 2.73% | 8% | $1,919 |
Class C | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.65 | 1.89% | 1.29% | 1.26% (c) | 1.67% | 4% | $1,610 |
Year Ended 7/31/2023 | $11.53 | (0.37% ) | 1.29% (d) | 1.25% (c),(d) | 1.51% | 10% | $2,172 |
Year Ended 7/31/2022 | $11.75 | (6.26% ) | 1.40% | 1.26% (c) | 1.30% | 11% | $3,243 |
Year Ended 7/31/2021 | $12.70 | 0.92% | 1.59% | 1.26% (c),(e) | 1.36% | 5% | $4,873 |
Year Ended 7/31/2020 | $12.79 | 4.05% | 1.59% | 1.26% (c),(e) | 1.72% | 9% | $6,740 |
Year Ended 7/31/2019 | $12.52 | 5.46% | 1.59% | 1.28% (e) | 2.05% | 8% | $8,434 |
Institutional Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.65 | 2.25% | 0.59% | 0.56% (c) | 2.38% | 4% | $201,515 |
Year Ended 7/31/2023 | $11.53 | 0.33% | 0.59% (d) | 0.55% (c),(d) | 2.21% | 10% | $198,557 |
Year Ended 7/31/2022 | $11.75 | (5.60% ) | 0.59% | 0.56% (c) | 2.01% | 11% | $241,308 |
Year Ended 7/31/2021 | $12.70 | 1.63% | 0.59% | 0.56% (c) | 2.06% | 5% | $266,298 |
Year Ended 7/31/2020 | $12.79 | 4.78% | 0.59% | 0.56% (c) | 2.41% | 9% | $267,135 |
Year Ended 7/31/2019 | $12.52 | 6.20% | 0.59% | 0.58% | 2.74% | 8% | $270,831 |
Institutional 2 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.63 | 2.27% | 0.57% | 0.53% | 2.40% | 4% | $52,971 |
Year Ended 7/31/2023 | $11.51 | 0.35% | 0.56% (d) | 0.53% (d) | 2.25% | 10% | $47,323 |
Year Ended 7/31/2022 | $11.73 | (5.58% ) | 0.55% | 0.52% | 2.05% | 11% | $39,878 |
Year Ended 7/31/2021 | $12.68 | 1.67% | 0.56% | 0.53% | 2.10% | 5% | $33,366 |
Year Ended 7/31/2020 | $12.77 | 4.73% | 0.56% | 0.53% | 2.45% | 9% | $23,286 |
Year Ended 7/31/2019 | $12.51 | 6.33% | 0.56% | 0.54% | 2.77% | 8% | $25,397 |
Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
Institutional 3 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.54 | 0.14 | 0.13 | 0.27 | (0.14 ) | — | (0.14 ) |
Year Ended 7/31/2023 | $11.77 | 0.27 | (0.24 ) | 0.03 | (0.26 ) | — | (0.26 ) |
Year Ended 7/31/2022 | $12.72 | 0.25 | (0.95 ) | (0.70 ) | (0.25 ) | — | (0.25 ) |
Year Ended 7/31/2021 | $12.81 | 0.27 | (0.05 ) | 0.22 | (0.28 ) | (0.03 ) | (0.31 ) |
Year Ended 7/31/2020 | $12.54 | 0.31 | 0.29 | 0.60 | (0.31 ) | (0.02 ) | (0.33 ) |
Year Ended 7/31/2019 | $12.15 | 0.34 | 0.42 | 0.76 | (0.35 ) | (0.02 ) | (0.37 ) |
Notes to Financial Highlights | |
(a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
(b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
(c) | The benefits derived from expense reductions had an impact of less than 0.01%. |
(d) | Ratios include interfund lending expense which is less than 0.01%. |
(e) | Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by: |
7/31/2021 | 7/31/2020 | 7/31/2019 | |
Class C | 0.06% | 0.30% | 0.30% |
Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a),(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
Institutional 3 Class | |||||||
Six Months Ended 1/31/2024 (Unaudited) | $11.67 | 2.38% | 0.51% | 0.48% | 2.45% | 4% | $19,899 |
Year Ended 7/31/2023 | $11.54 | 0.33% | 0.51% (d) | 0.48% (d) | 2.30% | 10% | $23,555 |
Year Ended 7/31/2022 | $11.77 | (5.51% ) | 0.50% | 0.48% | 2.09% | 11% | $10,718 |
Year Ended 7/31/2021 | $12.72 | 1.72% | 0.51% | 0.48% | 2.14% | 5% | $10,242 |
Year Ended 7/31/2020 | $12.81 | 4.86% | 0.51% | 0.48% | 2.49% | 9% | $7,945 |
Year Ended 7/31/2019 | $12.54 | 6.37% | 0.51% | 0.49% | 2.82% | 8% | $6,909 |
Effective rate (%) | |
Class A | 0.08 |
Advisor Class | 0.08 |
Class C | 0.08 |
Institutional Class | 0.08 |
Institutional 2 Class | 0.06 |
Institutional 3 Class | 0.01 |
Front End (%) | CDSC (%) | Amount ($) | |
Class A | 3.00 | 0.75 (a) | 5,708 |
Class C | — | 1.00 (b) | 528 |
(a) | This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase. |
(b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
December 1, 2023 through November 30, 2024 | Prior to December 1, 2023 | |
Class A | 0.81 % | 0.81 % |
Advisor Class | 0.56 | 0.56 |
Class C | 1.26 | 1.26 |
Institutional Class | 0.56 | 0.56 |
Institutional 2 Class | 0.54 | 0.53 |
Institutional 3 Class | 0.49 | 0.48 |
Federal tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized (depreciation) ($) |
307,322,000 | 1,573,000 | (6,334,000 ) | (4,761,000 ) |
No expiration short-term ($) | No expiration long-term ($) | Total ($) |
(199,556 ) | (1,885,597 ) | (2,085,153 ) |
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Item 2. Code of Ethics.
Not applicable for semiannual reports.��
Item 3. Audit Committee Financial Expert.
Not applicable for semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semiannual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
(a) | The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. |
(b) | There was no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) | Columbia Funds Series Trust I |
|
|
By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
|
|
Date | March 22, 2024 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
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|
Date | March 22, 2024 |
By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, Chief Financial Officer, Treasurer, |
| Chief Accounting Officer, Principal Financial Officer and Senior Vice President |
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Date | March 22, 2024 |